National Bank of Detroit
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| NBD Bank | |
| Public | |
| Traded as | NYSE: NBD |
| Industry | Banking |
| Fate | Acquired by First Chicago Corp. on 1995 |
| Predecessor | National Bank of Detroit |
| Successor | First Chicago NBD |
| Founded | 1933 |
| Defunct | 1995 |
| Headquarters | Detroit, Michigan, United States |
| Products | Financial Services |
The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, 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 in the midst of widespread bank failures during the Great Depression. Spurred by the Reconstruction Finance Corporation (RFC) to help stabilize the nation's banking system, NBD's shares were initially equally owned by General Motors (GM) and by the U.S. government under the RFC. The bank opened for business on March 24, 1933. Charles T. Fisher Jr., of the automobile body manufacturing family became a Director and the President in 1938, serving until his death in 1958. By 1945, GM had divested its ownership of bank stock, and by 1947 RFC had ended its involvement in the bank as well.
In 1995, NBD merged with the First National Bank of Chicago; the combined bank was called First Chicago NBD. First Chicago NBD later merged with Bank One, which eliminated the NBD name. Bank One was itself purchased by JPMorgan Chase & Co. As of March 2006, all former NBD branches carry the Chase name.
NBD had branches in Toronto and Windsor, Ontario, and overseas in London's Finsbury Circus, in Tokyo, and in Frankfurt.
From 1959 until 1995, NBD was headquartered in the National Bank of Detroit Building (now The Qube).
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 extend their range to be within 25 miles of the main offices.[1] Starting in 1972, the state legislature began to allow the formation of multibank holding companies.[2] 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.[3] The holding company began to offer stock on the New York Stock Exchange under the ticket symbol NBD. National Detroit Corp. was later renamed NBD Bancorp in 1981.[4]
See also
References
- ↑ Keating, Joseph T. (September–October 1978). "Multibank holding company expansion in Michigan" (PDF). Economic Perspectives. Federal Reserve Bank of Chicago. 4 (5): 18–24.
- ↑ Dorning, Mike (August 18, 1991). "Michigan Banks Find Illinois Ripe For The Picking". Chicago Tribune.
- ↑ "Michigan Business Briefs". Traverse City Record Eagle. February 27, 1973. p. 5. (subscription required (help)).
National Detroit Corp., holding company parent of National Bank of Detroit, was listed Wednesday on the New York Stock Exchange, assigned the ticket symbol "NBD." National Detroit Corp. came into existence Jan. 1 with the bank as its sole subsidiary.
Alternate Link via NewspaperArchive.com. - ↑ "NBD Bancorp. Acquisition". Wall Street Journal. May 26, 1981. p. 14. (subscription required (help)). Alternate Link via ProQuest.
