BAMK ONE Signs to carry Chase name

The history of the local banking institution goes back to 1812.
By DON SHILLING
VINDICATOR BUSINESS EDITOR
YOUNGSTOWN -- The Bank One name will disappear from the area March 13, nearly two years after the company merged with JPMorgan Chase & amp; Co.
Chase signs will replace the Bank One signs at the company's 21 branches in Mahoning, Trumbull and Columbiana counties. Chase started the name-changing campaign last spring in other states and has been slowly moving across the country.
New York-based Chase acquired the Chicago-based bank in July 2004, creating the nation's third-largest bank.
Anna Duchene, district manager in the downtown office, said the merger didn't result in any personnel changes locally.
"When consumers come into the branches, they will see the same people," she said.
Unlike some bank mergers, this one didn't result in any branch closings in this area because Chase didn't have branches here.
Chase employs about 250 in the Mahoning Valley, including about 50 in the downtown office.
More services
Duchene said the merger helps the company's retail customers because it broadens services that can be offered. One advantage is providing a free financial planning service, she said.
Bill Anderson, business manager for small business banking, said his department saw little change in the merger because Chase adopted Bank One's programs for business customers with annual revenues of less than $10 million.
Chase is known for its investment banking services but wasn't as strong as Bank One in dealing with small businesses, he said.
Justin McCarty, vice president for middle marketing banking, said the merger provided more resources for the larger companies that he deals with.
Having a larger organization hasn't shifted decision-making, however, he said. Nearly every credit decision for his clients can be made by local officials, he said.
He said senior staff at Chase will be active on community boards, and the company has a community foundation that will aid nonprofit organizations.
Bank One entered the local market in the early 1980s as it was expanding throughout Ohio by acquiring other banks.
It moved into Youngstown by acquiring Union National Bank in 1982. Two years later, it acquired Trumbull County's largest bank -- Union Savings and Trust.
Forming banks
Both of those local banks were formed by the same area residents. They first formed Western Reserve Bank in Warren in 1812. It was the first bank organized west of the Allegheny Mountains.
The Warren bank became First National Bank in 1863 and then Union National Bank 1902 and finally Union Savings and Trust in 1912.
The same bankers that formed Western Reserve Bank later created Mahoning County Bank in Youngstown. That later became known as First National Bank and then adopted the Union National Bank name when it merged with Commercial National Bank in 1931.
shilling@vindy.com