First USA original was originally formed in Dallas as a subsidiary of MCorp that was called MNet that was formed in 1985 to h ... andle the back end work for providing credit cards, electronic banking, and other consumer services through member banks of the Texas bank holding company.[101] To issue credit cards, MCorp (via MNet) established a credit card issuing bank in Wilmington, Delaware, called MBank USA.[102] Although, the MNet division was generating a profit, the rest of MCorp began suffering huge loses when customer began to default on their mortgage payments that were the result of the economic downturn that just began in Texas. In attempt to save itself, MCorp sold MNet to Lomas & Nettleton Financial Corporation the following year for $300 million in cash and securities. read more