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28-413: The Internal Revenue Service contracted with First Chicago Corporation , National Computer Systems, AT&T , IBM , Mercantile Bancorp, and Intranet to develop EFTPS in 1994. NationsBank and First National Bank of Chicago were contracted to monitor electronic payment transmissions, prepare financial reports, and develop the database systems for EFTPS. EFTPS was originally anticipated to be available to

56-587: A new federally chartered bank that could take advantage of the National Banking Act of 1863, which allowed national banks to exist along with state-chartered institutions for the first time. First Chicago received National Bank charter No. 8. The new bank known as The First National Bank of Chicago, or The First, grew steadily in the 1860s, financing the American Civil War . The First merged with Union National Bank in 1900 and with

84-718: A town founded by his father. Both of his parents were born in Wethersfield, Connecticut . Charles Stillman had significant business interests which James acquired in 1872. He expanded those to control of sixteen Texas banks and a significant land holdings in the Rio Grande Valley , particularly Corpus Christi and Kerrville, Texas . Stillman was an investor in a Fractional Warrant of the Baltimore & Ohio Railroad . Along with Edward Henry Harriman , Jacob Henry Schiff and William Rockefeller , he controlled

112-681: The Internal Revenue Service and other government agencies do not obtain access to the enrollee's account, and only payments explicitly scheduled or authorized by the enrollee are processed by the website. In particular, the EFTPS account cannot be used by the IRS to confiscate assets if they believe that taxes were underpaid. First Chicago Corporation First Chicago Bank was a Chicago , United States-based retail and commercial bank tracing its roots to 1863, when it received one of

140-718: The National Bank Holiday of 1933 . In 1903, the First opened the First Trust and Savings Bank which provided savings accounts to individual customers. First Trust and Savings Bank merged with Union Trust Company in 1928 to become the First Union Trust and Savings Bank. During the Great Depression, the First would absorb First Union Trust and Savings Bank's customers and operations. The bank

168-401: The 1980s, CEO Barry F. Sullivan , formerly with Chase Manhattan Bank , was able to turn around the bank in the early 1980s. Additionally First Chicago's private equity operations proved highly successful and served the incubator for a number of successful independent private equity groups. Stanley Golder , who built the group in the 1970s left the bank in 1980 to found GTCR . In the 1990s,

196-405: The IRS delayed assessing penalties for non-compliance until June 30, 1997. Other businesses were allowed to use EFTPS voluntarily. The IRS mailed letters to most businesses announcing EFTPS and encouraging them to begin using it. EFTPS allows individuals and businesses to make their tax and estimated tax payments securely online using their bank accounts. Payments can be made only after enrolling in

224-583: The Metropolitan National Bank in 1902. At the beginning of the twentieth century, noted investors in the bank include J. Pierpont Morgan , James Stillman , Jacob H. Schiff , E. H. Harriman , and Marshall Field . In 1913, The First became a charter member of the Federal Reserve system. The First survived the depression, even acquiring Foreman State Banks in 1931 and was able to open its doors without regulatory delays following

252-633: The Stillman estate and the Sterling estate totaled about $ 76,000,000. After Sterling's death it was learned that he had appointed his long time intimate companion, Bloss, one of the executors. And a few weeks after Sterling's death, Bloss died. His grandchildren included Godfrey Stillman Rockefeller (1899–1983), a financier, and James Stillman Rockefeller (1902–2004), who married Nancy Carnegie (died 1994), grandniece of Andrew Carnegie . James also served as president of National City from 1952 to 1959 and

280-504: The bank failed and the bank struggled through the end of the 1970s, suffering from highly speculative bets on interest rates. Expansion beyond a single retail banking location was hindered for years. Not only was Illinois one of the last states to allow branch banking, but for years it did not allow holding companies to own more than one bank. First Chicago was not able to open its first branch bank until 1977, when banks were allowed to open two limited banking facilities within 1,500 feet of

308-548: The bank moved into a new skyscraper in the Loop in Chicago (originally called First National Plaza, it is now known as Chase Tower ). The bank grew consistently through the early 1970s, however, the bank's growth undermined its underwriting standards. By the end of 1975 and the beginning of 1976, non-performing loans at First Chicago had reached twice the national average for commercial banks at roughly 11% of all loans. Efforts to fix

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336-709: The corporations in mid-1995 and available to individuals in 1996. By eliminating certain paperwork and automating certain systems, the Department of the Treasury estimated that EFTPS would save at least $ 433   million in savings by 1999. EFTPS replaced TaxLink, an older electronic tax payment system that began in 1993. Businesses with annual employment tax payments of at least $ 47   million were required to use EFTPS in 1996, while businesses with annual employment tax payments of at least $ 50,000 were required to use EFTPS by 1997. For businesses who were required to EFTPS,

364-516: The dates you want the estimated payments withdrawn." The Electronic Federal Tax Payment System (EFTPS) and IRS Direct Pay are two different methods that taxpayers in the United States can use to pay their federal taxes. However, they differ in several aspects, including their features, payment options, and types of taxes that can be paid. Both EFTPS and IRS Direct Pay are secure ways to pay your federal taxes The EFTPS website claims that

392-451: The death of James Gordon Bennett Jr. , it was learned by the administrators of his estate that he had appointed Stillman one of the administrators and trustees. Stillman had little or no opportunity to act under the authority of Bennett's will, as he died a few weeks after Bennett's death. Stillman named Sterling one of his executors. Sterling could hardly have begun his duties under Stillman's will when he too died suddenly. The Bennett estate,

420-517: The early 1990s and sought out a merger with the National Bank of Detroit , which at the time was the 18th largest bank in the US (First Chicago was the 10th largest bank). The $ 5 billion merger, completed in 1995, created First Chicago NBD Corporation , the 7th largest bank in the US with $ 72 billion of assets, and was also a leader in the issuance of credit cards. While NBD was the nominal survivor,

448-453: The first charters under the then new National Bank Act . Over the years, the bank operated under several names including The First National Bank of Chicago and First Chicago NBD (following its 1995 merger with the former National Bank of Detroit ). In 1998, First Chicago NBD merged with Banc One Corporation to form Bank One Corporation , today a part of Chase . On July 1, 1863, banker Edmund Aiken and his partners invested $ 100,000 to found

476-530: The largest bank in the United States by 1894, the first to open foreign branches, and a leader in foreign exchange. By 1902, the bank was able to pay any sum of money to any city in the world within 24 hours. He was worth approximately $ 77 million at the time of his death, making him one of the wealthiest people in the country at the time. Stillman was born on June 9, 1850, to Charles Stillman (1810–1875) and Elizabeth Pamela Goodrich in Brownsville, Texas ,

504-570: The main office. Unlike its rivals, First Chicago waited two years before making its first bank purchase after the Illinois legislature began to allow holding companies to own more than one bank in 1981. In 1984, First Chicago purchased American National Corporation, the holding company for American National Bank and Trust Company of Chicago, another bank located in the Loop, from Walter E. Heller International Corporation for $ 275 million. During

532-670: The merged bank was headquartered in Chicago. In April 1998 First Chicago NBD announced a $ 30 billion merger with Banc One Corporation of Columbus, Ohio . Bank One was also a leading issuer of credit cards through its First USA division. Following the merger, the company was renamed Bank One Corporation , headquartered in Chicago. The First Chicago and NBD names were retired in 1999. In 2004, Bank One Corporation merged into JPMorgan Chase & Co. and its subsidiary bank, then named Bank One, National Association, merged into JPMorgan Chase Bank , National Association. James Stillman James Jewett Stillman (June 9, 1850 – March 15, 1918)

560-894: The most important Texas railroads (including the Texas and Pacific Railway , the Southern Pacific Railroad , the International-Great Northern Railroad , the Union Pacific Southern Railway , the St. Louis, Brownsville and Mexico Railway , and the Mexican National Railroad ). In 1876, Stillman supported Porfirio Díaz 's overthrow of the government of Mexico by the Revolution of Tuxtepec. He

588-482: The name of the geographical location. Illinois law did not permit the merger of most of the acquired banks into the First National Bank of Chicago until as late as 1993. To strengthen its credit card business, First Chicago acquired Delaware-based Beneficial National Bank USA in 1987 and renamed it FCC National Bank. First Chicago once again began to suffer from the quality of its loan portfolio in

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616-485: The north Chicago-based Ravenswood Financial Corp. for $ 55.1 million. Ravenswood Financial's only bank was renamed First Chicago Bank of Ravenswood. First Chicago also acquired the Winnetka -based Winnetka Bank for $ 21.6 million in stock. In 1993, First Chicago acquired Lake Shore Bancorp, another Chicago-based bank holding company, $ 323 million. Most of the acquired banks were named First Chicago Bank of followed by

644-539: The service to make estimated tax payments, noting that one can schedule payments in advance but also modify the payments in case of some unexpected changes to plans. The article also notes the importance of planning in advance the first year one intends to use the service: "The first year you sign up for the federal online system you need some lead time because a PIN is sent via snail mail within five to seven days. Then you go back online to set up your quarterly estimated payments, plugging in your checking account information and

672-500: The system, and the enrollment process can take about a week (initial online enrollment is followed by relevant information being sent by physical mail, after which the online enrollment process may be completed). The enrollment process includes information about the bank account from which one's payments will be debited. Payments must be scheduled at least 1 day and at most 365 days in advance. Separate modalities exist for same-day payment. A Forbes article about EFTPS recommends using

700-673: The team, led by John Canning Jr. would spin out of First Chicago to form private equity firm Madison Dearborn . Midwestern private equity firm, Primus Capital was also founded by First Chicago private equity alumni. First Chicago began to expand for the first time into the northwest suburbs of Chicago with the acquisition of the Arlington Heights -based First United Financial Services, a bank holding company with five banks, in 1987. The following year, First Chicago entered DuPage County by acquiring Gary-Wheaton Corp., another bank holding company. In 1989, First Chicago acquired

728-517: Was chairman of the board of directors of the National City Bank and retired in 1908. He died on March 15, 1918, at his home at 9 East 72nd St (also called The Henry T Sloane House ) His funeral was at St. Bartholomew's Episcopal Church, New York . James Stillman was married to Sarah Elizabeth Rumrill from 1855 to 1925. Together they had: Stillman was an intimate friend of both James O. Bloss and John William Sterling . After

756-545: Was active in the sale of War Bonds during World War II . During the 1950s and 1960s the First expanded both in the Midwestern US as well as abroad, opening offices in London (1959), Tokyo (1962) and later Beijing (1980). In 1969 the bank was reorganized as the primary subsidiary of the new First Chicago Corporation , a newly formed bank holding company. First Chicago was used as a brand name starting in 1969 and

784-605: Was an American businessman who invested in land, banking, and railroads in New York, Texas, and Mexico. He was chairman of the board of directors of the National City Bank . He forged alliances with the Rockefeller family , Standard Oil and Kuhn, Loeb & Co. to lay a foundation that made it, arguably, "the greatest bank in the Western Hemisphere." He engaged in an expansion policy that made National City

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