National Bank of Detroit
Encyclopedia
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
that operated mostly in the Midwestern United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. 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.
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...
History
NBD was founded in 1933 in Detroit in the midst of widespread bank failures during the Great DepressionGreat Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
. Spurred by the Reconstruction Finance Corporation
Reconstruction Finance Corporation
The Reconstruction Finance Corporation was an independent agency of the United States government, established and chartered by the US Congress in 1932, Act of January 22, 1932, c. 8, 47 Stat. 5, during the administration of President Herbert Hoover. It was modeled after the War 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. By 1945, GM had divested of its ownership in NBD and by 1947 the RFC had ended its involvement.
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.
JPMorgan Chase & Co.
JPMorgan Chase & Co. is an American multinational banking corporation of securities, investments and retail. It is the largest bank in the United States by assets and market capitalization.It is a major provider of financial services, with assets of $2 trillion and according to Forbes magazine is...
As of March 2006, all former NBD branches carry the Chase name.
NBD had branches in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
and Windsor, Ontario
Windsor, Ontario
Windsor is the southernmost city in Canada and is located in Southwestern Ontario at the western end of the heavily populated Quebec City – Windsor Corridor. It is within Essex County, Ontario, although administratively separated from the county government. Separated by the Detroit River, Windsor...
, and overseas in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
's Finsbury Circus
Finsbury Circus
Finsbury Circus is an elliptical square with its long axis lying east-west in the City of London, England; with an area of 2.2 hectares it is the largest public open space within the City's boundaries. It has an immaculately maintained Lawn Bowls club in the centre, which has existed in the gardens...
, in Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
, and in Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
.
Until 1995, NBD was headquartered in the National Bank of Detroit Building (now Chase Tower
Chase Tower (Detroit)
Chase Tower is a high-rise office building located at 611 Woodward Avenue, in downtown Detroit, Michigan. It was built in 1959 and stands at 14 floors in height. It was designed in the modern architectural style, and uses a great deal of marble to coordinate with the buildings in the nearby Civic...
).
See also
- Bank One
- First National Bank of Chicago