The National Bank of Detroit (NBD), later renamed NBD Bank, was a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

that operated mostly in the

Midwest The Midwestern United States, also referred to as the Midwest or the American Midwest, is one of four Census Bureau Region, census regions of the United States Census Bureau (also known as "Region 2"). It occupies the northern central part of ...

ern

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. Following its merger with

First National Bank of Chicago First Chicago Bank was a Chicago-based retail and commercial bank tracing its roots to 1863. Over the years, the bank operated under several names including The First National Bank of Chicago and First Chicago NBD (following its 1995 merger with ...

, the bank was ultimately acquired and merged into

Bank One Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, ...

, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.

History

NBD was founded in 1933 in

Detroit Detroit ( , ; , ) is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at th ...

in the midst of widespread bank failures during the

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

. Spurred by the

Reconstruction Finance Corporation The Reconstruction Finance Corporation was a government corporation administered by the United States Federal Government between 1932 and 1957 that provided financial support to state and local governments and made loans to banks, railroads, mortgag ...

(RFC) to help stabilize the nation's banking system, NBD's shares were initially equally owned by

General Motors The General Motors Company (GM) is an American Multinational corporation, multinational Automotive industry, automotive manufacturing company headquartered in Detroit, Michigan, United States. It is the largest automaker in the United States and ...

(GM) and by the U.S. government under the RFC. The bank opened for business on March 24, 1933.Alternate Link
via

ProQuest ProQuest LLC is an Ann Arbor, Michigan-based global information-content and technology company, founded in 1938 as University Microfilms by Eugene B. Power. ProQuest is known for its applications and information services for libraries, provid ...

.Alternate Link
via

. Charles T. Fisher Jr., of the automobile body manufacturing family became a Director and the President in 1938, serving until his death in 1958 and assisted by Walter F. Truettner as vice-president. By 1945, GM had divested its ownership of bank stock,Alternate Link
via

.Alternate Link
via

. and by 1947 RFC had ended its involvement in the bank as well. From 1959 until 1995, NBD was headquartered in the National Bank of Detroit Building (now The Qube). In September 1993, Charles T. Fisher III stepped down as chairman, president and chief executive officer of NBD Bancorp and was replaced by Thomas H. Jeffs II as president and Verne G. Istock as chairman and chief executive officer. In 1995, NBD merged with the

; the combined bank was called First Chicago NBD. While NBD was the nominal survivor, the merged bank was based in Chicago. First Chicago NBD later merged with

, which eliminated the NBD name. Bank One was itself purchased by JPMorgan Chase & Co. As of March 2006, most former NBD branches carry the Chase name. NBD had branches in

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the ancho ...

and

Windsor, Ontario Windsor is a city in southwestern Ontario, Canada, on the south bank of the Detroit River directly across from Detroit, Michigan, United States. Geographically located within but administratively independent of Essex County, it is the souther ...

, and overseas in

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

Finsbury Circus Finsbury Circus is a park in the Coleman Street Ward of the City of London, England. The 2 acre park is the largest public open space within the City's boundaries. It is not to be confused with Finsbury Square, just north of the City, or Finsb ...

, in

Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.468 ...

, and in

Frankfurt Frankfurt, officially Frankfurt am Main (; Hessian: , "Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on its na ...

NBD Bancorp

Up until the 1970s, retail banks located within the state of Michigan were restricted to building branches within their home counties, but could have a branch office outside their home county only if that branch was located within a 25-mile radius of their main offices. Starting in 1972, the state legislature began to allow the formation of multibank holding companies. To take advantage of this new law, the National Bank of Detroit formed the National Detroit Corporation on January 1, 1973 as its holding company.Alternate Link
via

NewspaperArchive.com Heritage Microfilm, Inc. (est. 1997) is a preservation microfilm and microfilm digitization business located in Cedar Rapids, Iowa. History The company began in 1996 when the microfilm division of Cedar Rapids-based Crest Information Technolo ...

. The holding company began to offer stock on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...

under the ticket symbol NBD. National Detroit Corp. was later renamed NBD Bancorp in 1981.Alternate Link
via

Michigan

In November 1974, National Detroit Corporation made its first acquisitions outside the Detroit area by the acquisition of the Grand Valley National Bank in Grandville for $3.4 million.Alternate Link
via

.Alternate Link
via

. The acquisition was first announced in February 1974.Alternate Link
via

. In December 1974, National Detroit Corporation announced the pending acquisition of the

Lansing Lansing () is the capital of the U.S. state of Michigan. It is mostly in Ingham County, although portions of the city extend west into Eaton County and north into Clinton County. The 2020 census placed the city's population at 112,644, makin ...

-based Bank of Commerce.Alternate Link
via

. The acquisition was finalized in September 1975 for $3 million in cash.Alternate Link
via

. In October 1977, National Detroit Corporation announced the pending acquisition of the

Saginaw Saginaw () is a city in the U.S. state of Michigan and the seat of Saginaw County. The city of Saginaw and Saginaw County are both in the area known as Mid-Michigan. Saginaw is adjacent to Saginaw Charter Township and considered part of Greater ...

-based First State Bank of Saginaw for $9.4 million.Alternate Link
via

. The acquisition was finalized in November 1978 for $8.3 million.Alternate Link
via

. In July 1978, National Detroit Corporation announced the pending acquisition of the Alpena-based Peoples Bank and Trust of Alpena for about $11 million in cash and notes.Alternate Link
via

. In February 1979, National Detroit Corporation announced the pending acquisition of the

Benton Harbor Benton Harbor is a city in Berrien County in the U.S. state of Michigan. It is 46 miles southwest of Kalamazoo and 71 miles southwest of Grand Rapids. According to the 2020 census, its population was 9,103. It is the smaller, by population, of ...

-based Farmers and Merchants National Bank. The acquisition was finalized in January 1980. In August 1979, National Detroit Corporation announced the pending acquisition of the

Cadillac The Cadillac Motor Car Division () is a division of the American automobile manufacturer General Motors (GM) that designs and builds luxury vehicles. Its major markets are the United States, Canada, and China. Cadillac models are distributed i ...

-based West Michigan Financial Corp. for about $21.3 million.Alternate Link
via

. The acquisition was finalized in July 1980. In September 1979, National Detroit Corporation announced the pending acquisition of the

Ann Arbor Anne, alternatively spelled Ann, is a form of the Latin female given name Anna (name), Anna. This in turn is a representation of the Hebrew Hannah (given name), Hannah, which means 'favour' or 'grace'. Related names include Annie (given name), ...

-based National Ann Arbor Corp. for about $29 million in cash and notes.Alternate Link
via

. Shortly after National Detroit changed its name to NBD Bancorp, the acquisition was finalized in May 1981. In October 1980, National Detroit Corporation announced the pending acquisition of the

Roscommon Roscommon (; ) is the county town and the largest town in County Roscommon in Ireland. It is roughly in the centre of Ireland, near the meeting of the N60, N61 and N63 roads. The name Roscommon is derived from Coman mac Faelchon who built ...

-based Roscommon State Bank for about $9.9 million in cash and notes.Alternate Link
via

. In November 1980, National Detroit Corporation announced the pending acquisition of the Sandusky-based Wolverine State Bank for about $11.2 million.Alternate Link
via

. The acquisition was finalized in November 1981. In April 1983, NBD Bancorp announced the pending acquisition of the

Pontiac Pontiac may refer to: *Pontiac (automobile), a car brand *Pontiac (Ottawa leader) ( – 1769), a Native American war chief Places and jurisdictions Canada *Pontiac, Quebec, a municipality ** Apostolic Vicariate of Pontiac, now the Roman Catholic D ...

-based Pontiac State Bank for $19.2 million. The acquisition was finalized in August 1984. In March 1984, NBD Bancorp acquired the deposits from the failed National Bank & Trust Co. of Traverse City from the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...

.Alternate Link
via

. In August 1984, NBD Bancorp announced the pending acquisition of the

Flint Flint, occasionally flintstone, is a sedimentary cryptocrystalline form of the mineral quartz, categorized as the variety of chert that occurs in chalk or marly limestone. Flint was widely used historically to make stone tools and start fir ...

-based United Michigan Corp. for $77.8 million.Alternate Link
via

. The acquisition was finalized in March 1985 for more than $78 million. In August 1985, NBD Bancorp announced the pending acquisition of the

Port Huron Port Huron is a city in the U.S. state of Michigan and the county seat of St. Clair County. The population was 30,184 at the 2010 census. The city is adjacent to Port Huron Township but is administered separately. Located along the St. Clair ...

-based Peoples Bank of Port Huron for $22 million.Alternate Link
via

. In December 1985, NBD Bancorp announced the pending acquisition of the

Grand Rapids Grand Rapids is a city and county seat of Kent County in the U.S. state of Michigan. At the 2020 census, the city had a population of 198,917 which ranks it as the second most-populated city in the state after Detroit. Grand Rapids is the ...

-based Union Bancorp for $104 million.Alternate Link
via

. The acquisition was finalized in June 1986. In September 1986, NBD Bancorp announced the pending acquisition of the Wyandotte-based OmniBank, the holding company for Wyandotte Savings Bank, for $51 million.Alternate Link
via

. The acquisition was finalized in January 1987.Alternate Link
via

. In April 1990, NBD Bancorp acquired the assets and the 8 offices of the failed

Taylor Taylor, Taylors or Taylor's may refer to: People * Taylor (surname) **List of people with surname Taylor * Taylor (given name), including Tayla and Taylah * Taylor sept, a branch of Scottish clan Cameron * Justice Taylor (disambiguation) Plac ...

-based New Guaranty Federal Savings & Loan Association from the Resolution Trust Corporation.

Indiana

NBD Bancorp made its first out-of-state move in May 1985 by announcing the pending acquisition of Midwest Commerce Corp. of Elkhart; however, NBD could not complete the transaction until the state of Michigan enacted a law that would permit such actions. The acquisition was finalized in May 1986 at a cost of $61 million in stock. In June 1991, NBD Bancorp announced the pending acquisition of the

Merrillville Merrillville is a town in Ross Township, Lake County, Indiana, United States. The population was 35,246 at the 2010 census. Merrillville is in east-central Lake County, in the Chicago metropolitan area. On January 1, 2015, Merrillville became the ...

-based Gainer Bank for $134 million in stock. The acquisition was completed in the following January. In December 1991, NBD Bancorp announced the pending acquisition of

Fort Wayne Fort Wayne is a city in and the county seat of Allen County, Indiana, United States. Located in northeastern Indiana, the city is west of the Ohio border and south of the Michigan border. The city's population was 263,886 as of the 2020 Censu ...

-based Summcorp, the holding company for Summit Bank and four other banks. The $350 million in stock transaction was completed in July 1992. In March 1992, NBD Bancorp announced the pending acquisition of the

Indianapolis Indianapolis (), colloquially known as Indy, is the state capital and most populous city of the U.S. state of Indiana and the seat of Marion County. According to the U.S. Census Bureau, the consolidated population of Indianapolis and Marion ...

-based

INB Financial Corporation INB Financial Corporation was an Indianapolis-based statewide bank holding company that was the largest Indiana-based financial institution at the time it was acquired by Michigan-based NBD Bancorp in 1992. Its primary subsidiary was the Indiana ...

, the largest Indiana-based bank holding company with its six subsidiary banks, including its flagship bank, Indiana National Bank, the largest Indiana owned bank at the time of the announcement. NBD paid $876 million in stock and the acquisition was completed in October 1992.

Illinois

NBD Bancorp entered the state of Illinois for the first time by announcing the pending acquisition of

Bannockburn Bannockburn (Scottish Gaelic ''Allt a' Bhonnaich'') is an area immediately south of the centre of Stirling in Scotland. It is part of the City of Stirling. It is named after the Bannock Burn, a stream running through the town before flowing int ...

-based USAmeribancs with its six suburban Chicago-area banks for $250 million in stock in October 1986. The acquisition was completed a year later and USAmeribancs was renamed NBD Illinois Inc. and each of the banks were renamed NBD followed by the name of the geographical area in which each of the banks were located. In June 1987, NBD Bancorp announced the pending acquisition of the State National Corp. of Evanston for $103 million in cash and stock. In March 1988, NBD Bancorp announced the pending acquisition of the Charter Bank Group Inc. of

Northfield Northfield may refer to: Places United Kingdom * Northfield, Aberdeen, Scotland * Northfield, Edinburgh, Scotland * Northfield, Birmingham, England * Northfield (Kettering BC Ward), Northamptonshire, England United States * Northfield, Connec ...

for $65 million in stock and completed in September. In March 1991, NBD Bancorp announced the pending acquisition of the Mount Prospect-based FNW Bancorp. with its 17 banks for $205 million in stock. In March 1994, NBD Bancorp announced the pending acquisition of the Joliet-based Amerifed Financial Corporation, the holding company for the AmeriFed Federal Savings Bank, with its 10 offices for $149 million in stock. When the acquisition was completed, NBD had 51 offices in Illinois and 630 offices in Michigan, Indiana, Illinois, Ohio, and Florida. In January 1995, NBD Bancorp announced the pending acquisition of the Deerfield-based Deerbank Corporation, the holding company for the Deerfield Federal Savings and Loan Association, with its 15 offices for $120 million in stock. The acquisition was completed in July. After the completion of the acquisition, NBD became the sixth largest bank in Illinois and also the largest bank in many counties in the suburban Chicago-area, but not in Chicago itself.

Florida

NBD Bancorp had a presence in state of Florida since 1982 when it established the NBD Trust Company of Florida, N.A. in

West Palm Beach West or Occident is one of the four cardinal directions or points of the compass. It is the opposite direction from east and is the direction in which the Sunset, Sun sets on the Earth. Etymology The word "west" is a Germanic languages, German ...

. The trust company later moved to North Palm Beach. In June 1990, NBD Bancorp acquired the assets and offices of the failed

Venice Venice ( ; it, Venezia ; vec, Venesia or ) is a city in northeastern Italy and the capital of the Veneto Regions of Italy, region. It is built on a group of 118 small islands that are separated by canals and linked by over 400 ...

-based First Venice Savings & Loan Association from the

Resolution Trust Corporation The Resolution Trust Corporation (RTC) was a U.S. government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets ...

and formed a

federal savings bank Federal savings associations (also called "federal thrifts" or "federal Savings Banks"), in the United States, are institutions chartered by the Office of Thrift Supervision which is now administered by Office of the Comptroller of the Currency ...

called NBD Bank, FSB. In October 1991, NBD Bancorp acquired the

Boca Raton Boca Raton ( ; es, Boca Ratón, link=no, ) is a city in Palm Beach County, Florida, United States. It was first incorporated on August 2, 1924, as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The population was 97,422 in the ...

-based First Fidelity Trust and merged the company into the

North Palm Beach North Palm Beach is an incorporated village in Palm Beach County, Florida, United States. It is part of the Miami Metropolitan Area. The population was 13,162 at the 2020 census. The village won an award from the National Association of Home Bui ...

-based NBD Trust Company of Florida, N.A.

Ohio

In December 1990, NBD Bancorp entered Ohio by acquiring the assets and the 21 offices of the failed

Columbus Columbus is a Latinized version of the Italian surname "''Colombo''". It most commonly refers to: * Christopher Columbus (1451-1506), the Italian explorer * Columbus, Ohio, capital of the U.S. state of Ohio Columbus may also refer to: Places ...

-based Mid-America Federal Savings and Loan from the

for $48 million and converted them into full service banks. The insolvent S&L had 13 offices in Columbus and eight in Dayton. The new Ohio bank that was created to handle this acquisition was called NBD Ohio, Inc. After increasing the number of offices in Columbus from 13 to 17 while the number of offices in Dayton had remained at 8, NBD decided to leave the state of Ohio by selling all of the assets and offices of NBD Ohio to

Fifth Third Bank Fifth Third Bank (5/3 Bank), the principal subsidiary of Fifth Third Bancorp is an American bank holding company headquartered in Cincinnati, Ohio. Fifth Third is one of the largest consumer banks in the Midwestern United States, Fifth Third B ...

in October 1995 for an undisclosed amount.Alternate Link
via

. The divestiture was finalized in February 1996 for $52 million.Alternate Link
via

Merger with First Chicago

On July 12, 1995, First Chicago Corporation and NBD Bancorp Inc. announced that the two companies were planning to merge by swapping stock that was worth $5.3 billion. As part of the deal, First Chicago shareholders would own 50.1 percent of the combined company, while NBD shareholders would own 49.9 percent. Richard L. Thomas, chairman and chief executive of First Chicago, would be chairman of the combined company until May 20, 1996, when he plans to resign. Verne G. Istock, chairman of NBD, would be president and chief executive of the combined company until Thomas steps down and replace Thomas as chairman of the combined company. The merger was finalized on December 1, 1995 with the formation of the First Chicago NBD Corporation. On that date, stock for the new company began trading on the New York Stock Exchange under the symbol "FCN". Most customers did not see much of a change as a result of the merger except in suburban Chicago where there was branch overlap. This problem was resolved by the closing of 15 former NBD and 9 former First Chicago offices and the rebranding of the remaining NBD offices to the First Chicago brand. Outside of Illinois, NBD branches were left unaffected. In February 1996, First Chicago NBD sold all of their NBD offices in Ohio to Fifth Third Bancorp.

History

NBD Bancorp

Michigan

Indiana

Illinois

Florida

Ohio

Merger with First Chicago

See also

References

Further reading