Magazine article American Banker

Bank One to Absorb 1st Chicago NBD Sites in '99, Systems by 2001

Magazine article American Banker

Bank One to Absorb 1st Chicago NBD Sites in '99, Systems by 2001

Article excerpt


Bank One Corp. said it will put its name on all First Chicago NBD branches by late September but that computer system conversions may not be completed until 2001.

Bank One plans to change the signs on its 300 NBD branches in Michigan on May 17 and will rename its 160 First National Bank of Chicago branches by Sept. 30, said spokesman Thomas Kelly. On June 21 it will merge computer systems and rename those of its 150 NBD branches in Indiana that it does not close. The number to be closed has not been decided.

Though the NBD name will be retired, the Michigan computer systems will not be merged with Bank One's systems until sometime in 2000, Mr. Kelly said.

And 2001 is the latest date for merging the Chicago bank's computer systems with Bank One's, he said.

Despite the slow schedule for merging systems, Mr. Kelly said, the $260 billion-asset company is on track with its cost-cutting plan. Bank One plans to slice away $930 million of expenses by the end of 2000. It expects to achieve half of these savings this year.

A small number of branch closings will coincide with the renaming of the Chicago offices. Bank One had 15 Chicago offices before buying First Chicago.

The company said it will not change the name of its 10 American National Bank and Trust offices this year. Eventually, American National, formerly the middle-market commercial lending unit of First Chicago NBD, will take the Bank One moniker, Mr. Kelly said.

Bank One has already merged computer systems for its investment management and consumer finance businesses. …

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