Bank One announces merger plans with J.P. Morgan
J.P. Morgan Chase & Co. and Bank One Corp. plan to merge to become the second largest banking franchise in the United States, based on core deposits, according to figures released by Bank One.
The merger might result in a name change but no more, said Nancy Norris, media relations spokesperson for Bank One.
The merger was announced Jan. 14 and is expected to be completed during the summer, if approved by shareholders and U.S. federal and state and foreign regulatory authorities.
It would be business as usual in Corydon and the rest of Southern Indiana, Norris said, adding, ‘There is no overlap. J.P. Morgan doesn’t have a presence here.’
Bank One has two Corydon locations: a downtown office on Capitol Avenue and an office on Old S.R. 135 adjacent to the former Winn-Dixie building.
‘We like both of our locations, and we don’t intend to change them,’ Norris said.
According to information provided by Bank One, the combined company will have assets of $1.1 trillion and 2,300 branches in 17 states.
The agreement was unanimously approved by the boards of directors of both companies and provides for a stock-for-stock merger in which 1.32 shares of J.P. Morgan Chase common stock will be exchanged on a tax-free basis for each share of Bank One common stock.
The merged company will be known as J.P. Morgan Chase & Co. It will continue to trade on the New York Stock Exchange under the symbol JPM. Its corporate headquarters will be located in New York.