JPMorgan Chase’s $100 million investment in Detroit is a continuation – and expansion – of a long-term commitment to the city. For more than 80 years, we have supported our clients and the community through the investments, loans and other services that are core to our business. Doing so has put us at the forefront of Detroit’s philanthropic and community development activities, from developing one of the city’s first Community Development Corporations (CDC) to providing early support for many of the city’s most prominent and important community and civic organizations, including Detroit Renaissance, Focus: HOPE, New Detroit Inc. and Urban League of Detroit, to name a few.
JPMorgan Chase & Co. predecessor National Bank of Detroit (NBD) is formed in the midst of widespread bank failures in Detroit during the Great Depression. Spurred by the Reconstruction Finance Corporation (RFC), the federal government agency that helps to stabilize the nation’s banking system, NBD’s shares are initially equally owned by General Motors Co. (GM) and by the RFC.
NBD begins making home mortgages on Detroit area properties.
During World War II, Charles T. Fisher, Jr., the bank’s President, takes a leave of absence to direct the RFC.
By the end of the war, NBD has issued $1.5 million in war savings bonds and ranks first among the nation’s banks in the sale of bonds.
A new lending department is established to serve the needs of non-business customers, later known as Insta loan.
NBD becomes the first U.S. bank to sell 10 million U.S. savings bonds.
NBD moves its headquarters to a newly built 12-story office building at 611 Woodward Avenue, the first multi-story office building to be constructed downtown in 25 years.
NBD is a founding member of the Detroit Renaissance Club and New Detroit Inc., organizations formed in the aftermath of the 1967 Detroit race riots to help address the problems that led to the riots.
NBD forms an urban affairs division to facilitate the bank’s involvement in projects addressing unemployment, education, economic development, housing and health in Detroit.
Building on a long-standing relationship, NBD leads the 1979 and 1991 strategic financings of Chrysler during periods of great difficulty.
NBD begins a series of bank acquisitions outside of Michigan, including Midwest Commerce Corp., USAmeribancs Inc. and INB Financial Corp.
NBD forms a CDC, the first to be formed by a bank, to concentrate on the acquisition, rehabilitation and resale of residential property in Detroit.
NBD merges with Chicago-based First Chicago to form First Chicago NBD (FCNBD).
FCNBD merges with Columbus, Ohio-based Banc One, taking the name Bank One.
Bank One merges with JPMorgan Chase & Co.
Building on a 75-year relationship with Ford Motor Company, JPMorgan Chase leads a historic bank financing that helps Ford successfully navigate the recession.
After a relationship spanning 100 years, JPMorgan Chase leads the 2010 initial public offering following GM’s bankruptcy.
JPMorgan Chase & Co. makes a $100 million commitment to Detroit’s future.
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