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Former NBD headquarters (1959–1995)
|Traded as||NYSE: NBD|
|Fate||Merger with First Chicago Corp. in 1995 to form First Chicago NBD|
|Predecessor||National Bank of Detroit|
|Successor||First Chicago NBD|
|Founded||March 24, 1933as National Bank of Detroit|
|Defunct||December 1, 1995as NBD Bancorp|
|Headquarters||Detroit, Michigan, United States|
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.
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 September 1993, Charles T. Fisher III step 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 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, most former NBD branches carry the Chase name.
From 1959 until 1995, NBD was headquartered in the National Bank of Detroit Building (now The Qube).
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. 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.
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. The acquisition was first announced in February 1974.
In October 1977, National Detroit Corporation announced the pending acquisition of the Saginaw-based First State Bank of Saginaw for $9.4 million. The acquisition was finalized in November 1978 for $8.3 million.
In August 1979, National Detroit Corporation announced the pending acquisition of the Cadillac-based West Michigan Financial Corp. for about $21.3 million. The acquisition was finalized in July 1980.
In September 1979, National Detroit Corporation announced the pending acquisition of the Ann Arbor-based National Ann Arbor Corp. for about $29 million in cash and notes. Shortly after National Detroit changed its name to NBD Bancorp, the acquisition was finalized in May 1981.
In November 1980, National Detroit Corporation announced the pending acquisition of the Sandusky-based Wolverine State Bank for about $11.2 million. The acquisition was finalized in November 1981.
In August 1984, NBD Bancorp announced the pending acquisition of the Flint-based United Michigan Corp. for $77.8 million. The acquisition was finalized in March 1985 for more than $78 million.
In September 1986, NBD Bancorp announced the pending acquisition of the Wyandotte-based OmniBank, the holding company for Wyandotte Savings Bank, for $51 million. The acquisition was finalized in January 1987.
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 December 1991, NBD Bancorp announced the pending acquisition of Fort Wayne-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-based INB Financial Corporation, 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.
NBD Bancorp entered the state of Illinois for the first time by announcing the pending acquisition of Bannockburn-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 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.
In June 1990, NBD Bancorp acquired the assets and offices of the failed Venice-based First Venice Savings & Loan Association from the Resolution Trust Corporation and formed a federal savings bank called NBD Bank, FSB.
In December 1990, NBD Bancorp entered Ohio by acquiring the assets and the 21 offices of the failed Columbus-based Mid-America Federal Savings and Loan from the Resolution Trust Corporation 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 in October 1995 for an undisclosed amount. The divestiture was finalized in February 1996 for $52 million.
On July 12, 1995, First Chicago Corporation and NBD Bancorp Inc. announced that the two companies were planning to merge by swapping 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.
Most customers did not see much of a change as a result of the merger except in suburban Chicago where there were 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.
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., formerly known as National Detroit Corp., said National Ann Arbor Corp. shareholders cleared NBD's acquisition of the Ann Arbor, Mich., bank holding company.Alternate Link via ProQuest.
National Detroit Corp., the holding company of National Bank of Detroit, said it completed the previously announced acquisition of Grand Valley National Bank of Grandville, Mich. National Detroit bought all 42,517 shares of Grand Valley for $81 a share or a total of $3.4 million.Alternate Link via ProQuest.
National Detroit Corp., the holding company of National Bank of Detroit, said it completed a previously announced acquisition of Grand Valley National Bank of Grandville, Mich. National Detroit bought all 42,517 shares of Grand Valley for $81 a share, or a total of $3.4 million.Alternate Link via ProQuest.
National Detroit Corp. said it agreed in principle to acquire control of Grand Valley National Bank, Grandville, Mich., in a cash transaction valued at up to $3.4 million.Alternate Link via ProQuest.
National Detroit Corp., the holding company for National Bank of Detroit, said it agreed in principle to acquire the Bank of Commerce of Lansing, Mich.Alternate Link via ProQuest.
National Detroit Corp., parent holding company of National Bank of Detroit, said it completed the previously announced acquisition of the Bank of Commerce of Lansing, for about $3 million in cash.Alternate Link via ProQuest.
National Detroit Corp. said it completed its previously reported plan to acquire First State Bank of Saginaw. The company said it paid about $8.3 million.Alternate Link via ProQuest.
National Detroit Corp. and Farmers and Merchants National Bank of Benton Harbor announced an agreement in principle under which Farmers and Merchants Bank will become affiliated with National Detroit... Farmers and Merchants, established in 1933, has eight banking offices in Berrien County with total deposits of approximately $108 million as of Dec. 31, 1978. National Detroit Corp. is the holding company parent of National Bank of Detroit, Michigan's largest, and a number of other banks in the state.
Farmers And Merchants National Bank of Benton Harbor has become the 10th Michigan bank to affiliate with National Detroit Corp., the holding company parent of National Bank of Detroit, officials said.
National Detroit Corp. said it agreed in principle with West Michigan Financial Corp., Cadillac, Mich., for National to acquire West Michigan in a transaction valued at about $21.3 million.Alternate Link via ProQuest.
The National Detroit Corporation and the West Michigan Financial Corporation said they had agreed in principle for National Detroit to acquire West Michigan for $21.3 million.
National Detroit Corp., parent company for National Bank of Detroit, has completed its acquisition of West Michigan Financial Corp. with approval of the $21.3 million deal by West Michigan stockholders on Tuesday... West Michigan Financial is a Cadillac-based holding company for the Cadillac State Bank and the First National Bank of Evart.
National Detroit Corp. said it agreed in principle to acquire National Ann Arbor Corp. for about $29 million in cash and notes.Alternate Link via ProQuest.
National Detroit Corp. agreed to buy Roscommon State Bank, Roscommon, Mich., for $9.9 million in cash or notes.Alternate Link via ProQuest.
National Detroit Corp. said it tentatively agreed to acquire Wolverine State Bank of Sandusky, Mich., for about $11.2 million in cash and notes.Alternate Link via ProQuest.
National Detroit Corp., parent company for National Bank of Detroit, will buy Wolverine State Bank of Sandusky in an $11.2 million deal.
Wolverine State Bank, Sandusky, agreed in November 1980 to become part of the National Detroit Corp., parent company of the National Bank of Detroit and NBD Port Huron Bank N.A. That merger became final this month.
The Federal Deposit Insurance Corp. transferred the deposits of National Bank & Trust Co. of Traverse City, Mich., to a new subsidiary of NBD Bancorp Inc. of Detroit.Alternate Link via ProQuest.
NBD Bancorp said its NBD Port Huron, Mich., subsidiary agreed to acquire Peoples Bank of Port Huron for about $22 million.Alternate Link via ProQuest.
Detroit-based NBD Bancorp, Michigan's largest financial institution, said Monday it will buy 13th-ranked Union Bancorp of Grand Rapids for $104 million, pending regulatory and shareholder approval... Union, with $1.03 billion in assets, and 40 offices in Michigan, is the parent company of Union Bank and Trust Co. NA of Grand Rapids, The Peoples Bank and Trust Co. of Grand Haven, and First National Bank and Trust Co. of Petoskey... NBD Bancorp, holding company for 21 banks and 18 non-bank subsidiaries, has $16.1 billion in assets.
NBD Bancorp said it signed a definitive agreement to acquire Union Bancorp in a proposed transaction valued at about $104 million.Alternate Link via ProQuest.
NBD Bancorp. Inc. said Monday it has completed its acquisitions of Union Bancorp, of Grand Rapids and Midwest Commerce Corp. of Elkhart. Ind. The agreement with Union, valued at $104 million, was announced in December... The merger agreement with Midwest, valued at $61 million, was announced in May 1985... The acquisition of Midwest is NBD's first interstate expansion since a Michigan law went into effect this year allowing the state's banks to acquire or merge with banks in Ohio, Indiana, Illinois, Minnesota and Illinois... NBD Bancorp., the largest bank holding company in Michigan with assets of $15.9 billion as of March 31, owns 25 banks and 21 non-bank subsidiaries.
NBD Bancorp Inc. said it had reached agreement to buy OmniBank Corp. of Wyandotte for $51 million. OmniBank, with $366.9 million in assets, is holding company for Wyandotte Savings Bank, which operates 15 banking offices in the Detroit area.
National Bank of Detroit has assumed the deposits and acquired certain assets of New Guaranty Federal Savings & Loan Association of Taylor from the Resolution Trust Corp. New Guaranty has deposits of $167 million and eight offices; all will become NBD offices effective today.
Midwest Commerce Corp. of Ekhart agreed Tuesday to be purchased by a Detroit bank holding company, making it the first Indiana bank concern to be involved in an interstate transaction. The Ekhart bank firm agreed to become a unit of NBD Bancorp Inc. of Detroit, Michigan's largest. NBD will pay about $517 million for Midwest. Midwest's present management will remain. Midwest officials said they entered into formal talks with NBD shortly after the Indiana General Assembly passed a cross-county banking law in April. The statute permits out of state holding companies to buy Hoosier banks if those states also allow their banks to be acquired. "We kind of tike to be on the leading edge of things," Jon S. Armstrong, Midwest chairman, said in an interview. Michigan, however, does not yet have an interstate bank law. The deal is contingent upon the state Legislature enacting such a measure.
Gainer Bank, Northwest Indiana's largest bank and one of its few major locally owned businesses, will be purchased by a Detroit bank holding company for $134 million. NBD Bancorp, known in the industry as a "super-regional" bank, is the nation's 27th largest bank holding company. It will swap its stock with the stock of Gainer Corp. in a deal called an affiliation. Officials said daily operations of the bank will continue to be controlled locally.
NBD Bancorp Inc. shareholders yesterday overwhelmingly approved an $876 million merger with INB Financial Corp., a stock swap announced in February.
NBD Bancorp today completed its acquisition of INB Financial Corp, bank officials announced... INB Financial, based in Indianapolis, is now part of NBD Indiana, the Indiana subsidiary of NBD Bancorp, based in Detroit. The merger now makes Summit Bank and the INB Banking Co. Northeast, both based in Fort Wayne, a part of the same company.
NBD Bancorp of Detroit, whose NBD Trust Co. of Florida is headquartered in North Palm Beach, has acquired certain assets of First Venice Savings & Loan Association of Venice, near Sarasota, from the U.S. Resolution Trust Corp.
A bank holding company based in Detroit paid $48 million to take over the troubled Mid-America Federal Savings & Loan, which has 21 branches in Dayton and Columbus, the new owner announced Saturday... NBD will turn the savings and loan into a full-service bank.
NBD Bancorp took control of Mid-America Federal Savings and Loan at noon yesterday and will re-open it Monday morning as a new Ohio chartered bank... NBD Bancorp is a $27 billion Detroit-based bank holding company. It will pay the Resolution Trust Corp., the federally chartered organization set up to aid savings and loan rescues, $48 million to take over Mid-America. Mid-America had 21 offices - 13 in Columbus and eight in Dayton. Beall said NBD hopes to expand that number. No plans have been set. This is NBD's first foray into Ohio. Besides Michigan, it has operations in Illinois, Indiana and Florida.
NBD Bancorp Inc. paid up to three times the going rate for the deposits of Mid-America Federal Savings and Loan to enter the Columbus and Dayton markets... NBD is a Detroit-based bank holding company with $27 billion in assets. It took over Mid-America Saturday under a federal pilot program to speed up the resolution of undercapitalized savings and loans. The Resolution Trust Corp., the federal agency established to aid savings and loan takeovers, said that NBD paid 6.34 percent of Mid-America's core deposits of $757 million. That is $48 million, up to three times the 2 percent to 3 percent normally paid in assisted takeovers, said Kenneth H. Thomas, a financial consultant based in Miami, Fla.
Fifth Third Bancorp said it agreed to acquire the Ohio operations of NBD Bank (Ohio), a subsidiary of NBD Bancorp, of Detroit. Terms were not disclosed. NBD Bank operates 25 offices in Columbus and Dayton with deposits of $542 million.Alternate Link via ProQuest.
Fifth Third Bancorp said it completed the previously announced acquisition of the Ohio operations of First Chicago NBD Corp for $52 million.Alternate Link via ProQuest.
By mid-1996, 15 current NBD and nine First Chicago bank branches in the Chicago area will close as the merged banks consolidate. Map shows the branches that will close, along with a list of nearby branches. With consolidation, all branches will carry the name of First National Bank of Chicago.