Discover Bank operates as a subsidiary of Discover Financial Services and is FDIC insured. However the first and original location of the Greenwood Trust Company on 502 East Market Street is still operating and is the only physical banking location of Discover Bank. Discover Bank is mainly an online financial institution that offers many financial services such as checking accounts, savings accounts, and money market accounts. It was acquired in 1985 and renamed Discover Bank on August 1, 2000. The Greenwood Trust Company was founded on Augand was based in Greenwood, Delaware. It began trading on the NYSE for the first time on July 2 as DFS.Īcquisition of The Greenwood Trust Company Ahead of schedule on June 30, 2007, Discover was spun off as an independent, publicly traded company. Mack announced Discover would be spun off as a standalone publicly traded company by the end of August 2007, stating that both companies will be better positioned for growth and success as separate entities. However, on Decemduring a fourth quarter earnings report, Morgan Stanley CEO John J. In August, the company confirmed it would not sell Discover. By June, industry sources reported that Morgan Stanley was reassessing its plan to spin off Discover. In April 2005, Morgan Stanley announced that it would divest Discover Financial Services as an independent company within six months.
The NOVUS logo was retired, replaced by the Discover Network logo. On February 1, 1999, the company rebranded itself as Discover Financial Services, Inc. In 1997, this company merged with investment banking house Morgan Stanley to become Morgan Stanley Dean Witter, Discover & Co.ĭiscover and Novus retired acceptance mark (still seen in many places) to distinguish its network functions from the Discover Card. This company had a stock ticker symbol of DWD. On March 1, 1993, Sears sold off its financial services branch as a new independent publicly traded company called Dean Witter, Discover & Co. Its credit card operations accounted for a loss of $22 million in the fourth quarter of 1986, and a loss of $25.8 million in the first quarter of 1987. The plan to create a one-stop financial-services center in Sears stores was not as successful as Sears had hoped. Altogether, these companies operated as a Sears subsidiary called Dean Witter Financial Services Group, Inc. In 1985, Sears also acquired the Greenwood Trust Company. In 1981, Sears purchased the Dean Witter Reynolds brokerage firm organization and Coldwell, Banker & Company (real estate franchise) as an attempt to add financial services to its portfolio of customer services. 1.4 Acquisition of Student Loan Corporation.1.3 Acquisition of Diners Club International.1.1 Acquisition of The Greenwood Trust Company.
The card holder can also freeze their account within seconds as soon as bad news arrives in the form of a fraudulent purchase.