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DETROIT - The venerable name of NBD Bank has vanished from the scene here in Michigan, replaced with signage that reflects the name of the new owner of NBD: Bank One Corp., whose headquarters are in Chicago.
In mid-May, at an expense that probably reached well into the millions of dollars, all NBD Bank signs were removed and replaced with signs carrying the new owner's name: Bank One.
As most everyone knows, Bank One Corp. was formed last October with the merger of Banc One Corp. and First Chicago NBD. The latter company was the result of an earlier merger involving National Bank of Detroit and First National Bank of Chicago.
Banc One's roots go back to 1868 with the formation of Sessions & Co., The forerunner to City National Bank & Trust Co., which is now Bank One. Banc One Corporation, then known as First Banc Group of Ohio, Inc., began operating as a bank holding company in 1968.
The First National Bank of Chicago began operations in 1863. National Bank of Detroit (best known simply as NBD) opened in Detroit in 1933 with initial operating capital provided by General Motors Corp. and the Reconstruction Finance Corp. It was in 1995 that NBD was acquired by First Chicago to create a new massive banking company named First Chicago NBD Corp.
Today, Bank One is the fourth-largest bank holding company in the nation, with over $260 billion in total assets. It is rated the leading retail bank in eight states and the leading business bank in the Midwest and in Arizona. It is the largest on-line credit card issuer and the largest credit card company in the nation.
Its ATM network ranks second in the U.S., and...