You probably remember the logo. It was a stylized, circular "A" that looked a bit like a compass or a piece of modern art from the late seventies. For decades, First of America Bank Corporation was the backbone of the Midwest. If you lived in Michigan, Illinois, or Indiana during the 1980s, there’s a massive chance your mortgage, your first car loan, or your savings passbook lived inside one of their vaults. They weren't just another faceless entity. They were everywhere. Then, seemingly overnight, the signs changed.
Banking history is usually dry. Most people find it about as exciting as watching paint dry on a foreclosed house. But the story of First of America is actually a wild case study in how a "quiet" regional power managed to swallow up dozens of smaller competitors before being swallowed itself. It’s a classic tale of the consolidation era.
The Kalamazoo Roots of First of America Bank Corporation
It started small. Way smaller than the multi-state giant it became. The bank’s DNA traces back to the First National Bank and Trust Company of Kalamazoo. Kalamazoo, Michigan, isn't exactly Wall Street. However, the leadership there had an appetite. By the early 1970s, they realized that staying local meant staying stagnant.
They rebranded as First of America in 1983. This wasn't just a cosmetic change. It was a mission statement. They wanted to move beyond the "Kalamazoo bank" label. They went on an absolute tear. Throughout the 80s and early 90s, they acquired banks like they were collecting trading cards. One month it was a small-town outfit in the Upper Peninsula; the next, it was a massive chunk of the Chicago suburbs.
By the mid-1990s, First of America Bank Corporation had ballooned into one of the top 35 bank holding companies in the United States. They held over $22 billion in assets. That is a staggering amount of influence for a company headquartered in a mid-sized Michigan city. They survived the savings and loan crisis. They navigated the shifting interest rates of the Volcker era. Honestly, they looked invincible for a while.
Why the Midwest Loved Them
Consistency. That was their secret sauce. You could walk into a branch in Peoria and get the same vibe as a branch in Grand Rapids. They focused on "super-community banking." It sounds like corporate jargon, but it actually meant something back then. They tried to keep the local feel of the banks they bought while using the massive capital of the parent corporation to fund bigger projects.
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They weren't flashy. They didn't have the international prestige of Chase or the aggressive "New York" energy of Citibank. They were dependable. They were the bank of the middle class.
The 1998 Merger: When the Name Vanished
Nothing lasts forever in the world of high finance. By 1997, the banking landscape was shifting under everyone's feet. Large national banks were looking for "footprints." They didn't want to build new branches; they wanted to buy existing customer bases. First of America was a juicy target.
In 1998, National City Corporation—a Cleveland-based powerhouse—came knocking. The deal was valued at approximately $7.1 billion. It was a huge payday for shareholders. But for the employees in Kalamazoo and the customers who had been with the bank for thirty years, it felt like the end of an era.
The transition was messy. It always is. National City started swapping out the signs. The circular "A" was scrapped for National City's more traditional branding. Then, in a twist of fate that proves the banking world is just one giant circle, National City itself struggled during the 2008 financial crisis. They were eventually bought by PNC Bank.
So, if you go to an old First of America branch today, you're likely walking into a PNC.
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What Actually Happened to the Assets?
When National City took over, they didn't just keep the money in a vault. They integrated the tech. First of America had been surprisingly forward-thinking with their internal systems. They had a robust data center operation that National City actually utilized for years.
- Over 600 branches were converted across the Midwest.
- Thousands of employees had to learn new "National City" protocols.
- The corporate headquarters in Kalamazoo eventually saw massive layoffs as functions moved to Cleveland.
It’s a bit sad, really. A city like Kalamazoo loses its identity when its biggest corporate citizen gets absorbed. The "First of America" name started fading from the public consciousness, replaced by the next giant in line.
Common Misconceptions About the Bank's Failure
People often think First of America "failed." They didn't. They weren't part of a bailout or a forced closure by the FDIC. They were just too successful for their own good. In the 90s, if you were a mid-sized bank with good margins, you were basically walking around with a "Buy Me" sign on your back.
Another myth is that they were strictly a Michigan bank. By the time the merger happened, they had a massive presence in Florida. They were following the "snowbird" money. They realized their Michigan customers were retiring to the South, so they bought banks in Florida to keep those accounts. It was a brilliant move, frankly.
Analyzing the Impact on Today's Banking
If you look at the current banking market, you see the fingerprints of First of America Bank Corporation everywhere. Their "super-community" model is exactly what many regional banks are trying to replicate today. They proved that you could be big without feeling "big."
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The loss of First of America also signaled the death of the mid-tier bank. Nowadays, you mostly have the "Big Four" giants and then much smaller credit unions or local community banks. That middle ground—the $20 billion to $50 billion asset range—is a dangerous place to be. You're big enough to be a target but not big enough to fend off the predators.
Real-World Legacy
If you still have an old checkbook or a savings bond with the First of America name on it, don't worry. The money is still "real." Because of the chain of acquisitions, those liabilities moved from First of America to National City, and then to PNC.
I actually spoke with a former teller who worked at the Portage, Michigan branch during the transition. She told me people used to come in crying when the signs changed. It sounds dramatic, but back then, your banker was someone who knew your kids' names. That level of trust doesn't just migrate to a new brand because a board of directors in another state signed a contract.
Practical Steps for Former Account Holders
If you are dealing with an old account, an unclaimed safety deposit box, or an ancient mortgage lien involving First of America, here is how you handle it.
- Contact PNC Bank first. They are the legal successor. Their research department handles "legacy searches" for National City and First of America records.
- Check the State Unclaimed Property Office. If an account was dormant during the merger, the funds were likely escheated to the state. In Michigan, you'd check the Department of Treasury website.
- Look for "Successor in Interest" clauses. If you're looking at old property deeds, you won't find a First of America office to sign off on a lien release. You need a document that proves the chain of ownership from First of America to National City to PNC.
The era of First of America was a unique moment in American finance. It was a time when a bank from a small city could dream of being a national player. It worked—until it worked too well.
The next time you see a PNC branch with a slightly dated architectural style, look at the brickwork. Sometimes, if the light hits it just right, you can still see where the old circular "A" logo used to be bolted to the wall. It’s a ghost of a different economic time.
If you are trying to track down old records or prove a payoff from a 1990s-era loan, start by gathering your original account numbers. Without those, modern bank systems will have a hard time digging through the digitized archives of three different merged entities. Keep your search focused on the 1998 merger date as the primary pivot point for all documentation.