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Our History in Detroit

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.

  • 1933

    1933 Pic
    NBD’s opening day makes headlines after a six-week, statewide bank closure (1933)

    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.

  • 1935

    NBD begins making home mortgages on Detroit area properties.

  • 1942

    During World War II, Charles T. Fisher, Jr., the bank’s President, takes a leave of absence to direct the RFC.

  • 1943

    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.

  • 1945

    A new lending department is established to serve the needs of non-business customers, later known as Insta loan.

  • 1948

    NBD becomes the first U.S. bank to sell 10 million U.S. savings bonds.

  • 1959

    NBD builds new headquarters at 611 Woodward Avenue (1958)
    NBD builds new headquarters at 611 Woodward Avenue (1958)

    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.

  • 1967

    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.

  • 1972

    NBD forms an urban affairs division to facilitate the bank’s involvement in projects addressing unemployment, education, economic development, housing and health in Detroit.

  • 1979, 1991

    Building on a long-standing relationship, NBD leads the 1979 and 1991 strategic financings of Chrysler during periods of great difficulty.

  • 1986, 1992

    NBD begins a series of bank acquisitions outside of Michigan, including Midwest Commerce Corp., USAmeribancs Inc. and INB Financial Corp.

  • 1989

    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.

  • 1995

    Richard L. Thomas First Chicago, and Verne G. Istock, NBD (1995)
    Richard L. Thomas First Chicago, and Verne G. Istock, NBD (1995)

    NBD merges with Chicago-based First Chicago to form First Chicago NBD (FCNBD).

  • 1998

    FCNBD merges with Columbus, Ohio-based Banc One, taking the name Bank One.

  • 2004

    JPMC-BO merger - Harrison with Jamie Dimon in 2005
    Jamie Dimon, Bank One, Bill Harrison, JPMorgan Chase & Co. (2004)

    Bank One merges with JPMorgan Chase & Co.

  • 2007

    Building on a 75-year relationship with Ford Motor Company, JPMorgan Chase leads a historic bank financing that helps Ford successfully navigate the recession.

  • 2010

    After a relationship spanning 100 years, JPMorgan Chase leads the 2010 initial public offering following GM’s bankruptcy.

  • 2014

    JPMorgan Chase & Co. makes a $100 million commitment to Detroit’s future.

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