Don Powell's Dilema: A look at the impact of bank mergers on local economies.
Date Submitted: 10/28/2004 19:21:26
Category: / Business & Economy / Economics
Length: 6 pages (1769 words)
Category: / Business & Economy / Economics
Length: 6 pages (1769 words)
This Mini-Case focuses on the very divisive issue of bank consolidation, its impact on a local economy, and the growing trend of bank mergers and acquisitions that the United States has faced over the past decade. In this case we examine the 1993 merger between First National Bank of Amarillo and the mega-bank known as Boatmen's Bancorp of St. Louis. Don Powell was confronted with a challenging decision as he served as First National's CEO. A …
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…fact merge. Powell must have grown weary of bank mergers following the acquisition of Boatmen's by NationsBank Corp. He took advantage of the relationships he had with area ranchers and persuaded them to invest in a new venture. He was able to purchase Fritch State Bank in 1997. He then changed the name to First National Bank of Amarillo. On August 29, 2001, fellow Texan George W. Bush appointed Powell as chairman of the FDIC. (American Banker, p.1)
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