Monday, March 12, 2012

FIRST CHICAGO'S HISTORY

July 1, 1863: First National Bank opens for business on La SalleStreet. The Battle of Gettysburg begins the same day.

1871: The bank survives the Great Chicago Fire. Its buildingburns but its fireproof vault saves documents and cash.

1930s: While thousands of U.S. banks close their doors duringthe Great Depression, First National remains open, still payinginterest on its customers' accounts.1938: Assets hit $1 billion.1944: Assets hit $2 billion.1959: The first international office opens in London.1969: First Chicago created as the bank's parent. Sixty-storyLoop headquarters completed, sparking a downtown building boom.1970s: At close of the decade, assets top $28 billion.1980: Chairman Robert Abboud ousted after executive squabbles.Barry F. Sullivan named chairman.1982: Buys Bankers Trust credit-card business.1984: Purchases American National Bank and Trust Co.1987: Buys Beneficial National Bank, making it one of thelargest issuers of bank credit cards.1991: Sullivan resigns.1992: Richard L. Thomas takes over as chairman. The bank nowhas more than 100 locations.1994: Acquires Lake Shore Bancorp.May, 1995: Takes heat after announcing plan to charge somecustomers fees for using tellers instead of bank machines.July, 1995: Merges with NBD Bancorp Inc. of Detroit in a dealworth about $5.3 billion.October, 1996: Realigns top management team, naming a new headof its Chicago retail banking operation and expanding its push intoannuities and insurance.November, 1996: Forms an alliance with Britain's StandardChartered PLC to give customers access to banking services in Asiaand the Pacific.January, 1997: Announces joint venture with Robert W. Baird &Co. to offer corporate financial services.July, 1997: Announces a joint venture with Hartford FinancialServices Group Inc. to provide home and auto insurance.December, 1997: Cuts full-service branches by 20 percent;doubles its ATMs to 740.February, 1998: Combines its stock-transfer business with BostonEquiServe, a venture owned by BankBoston Corp., State Street Corp.and DST Systems, creating the largest shareholder services firm inthe United States.Monday: Merges with Banc One in a $30 billion deal.

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