An Heritage in Banking

Since August 2008, the Wikipedia article on Bank One has included a graphic illustrating the key mergers that led to Bank One's formation. The diagram, which effectively is a three generation pedigree chart, inspired me to look deeper into Bank One's merger linage. In some lines, seven generations of financial institutions are found: Plainfield Savings and Loan merged into Joliet Federal S&L, which merged into Amerifed Federal Savings Bank. NBD bought out Amerifed Bank before merging with First National Bank of Chicago and then Banc One to become Bank One. Finally, Bank One was acquired by JP Morgan Chase.

Another branch of JP Morgan Chase's genealogy is more troubled. Westside Federal S&L was merged with government financial assistance into Mariner Federal S&L, which itself was merged with assistance into Prudential Federal Savings Bank. Pacific First FSB acquired Prudential FSB before being taken over by a thrift called Washington Mutual. JP Morgan Chase assumed WaMu's assets after the latter's September 2008 failure. It's probably not the pedigree JP Morgan executives will cross-stitch on to pillows.

Elsewhere merger lineages can be just as lengthy. Norton Savings and Loan of Norton, Kansas was acquired by Heritage Savings Association, which was acquired by People Heritage Federal S&L, which failed and was carried away into receivership. After it was reorganized, it was acquired by Bank IV, which was acquired by Boatmen's National Bank, which was acquired by NationsBank, which merged with BankAmerica to become Bank of America. So all the generations from Norton to the S&L crises are three, and from the S&L crises until Boatmen's are two, and from Boatmen's unto Bank of America are two.