The Story Of Nationsbank

Charlotte-based NationsBank, formerly named NCNB, became one of the nation's leading financial powers following its acquisition in 1988 of First Republic Bank of Texas and its merger in 1991 with Atlanta-based C&S/Sovran. The authors provide a corporate history of this maverick financial institution.

NationsBank became one of the nation's leading financial powers following its 1988 entry into Texas with the acquisition of the former First Republic banks and its 1991 merger with C&S/Sovran of Atlanta and Norfolk. NationsBank now has nearly $120 billion in assets and is the leading bank in a region stretching from Maryland to southern Florida and western Texas. Howard Covington and Marion Ellis provide a fascinating account of this nontraditional financial institution that is now the fourth-largest bank in the country.

Although most Americans attribute shifting practices in the financial industry to the invisible hand of the market, Mark H. Rose reveals the degree to which presidents, legislators, regulators, and even bankers themselves have long taken an active interest in regulating the industry. In 1971, members of Richard Nixon's Commission on Financial Structure and Regulation described the banks they sought to create as "supermarkets." Analogous to the twentieth-century model of a store at which Americans could buy everything from soft drinks to fresh produce, supermarket banks would accept deposits, make loans, sell insurance, guide mergers and acquisitions, and underwrite stock and bond issues. The supermarket bank presented a radical departure from the financial industry as it stood, composed as it was of local savings and loans, commercial banks, investment banks, mutual funds, and insurance firms. Over the next four decades, through a process Rose describes as "grinding politics," supermarket banks became the guiding model of the financial industry. As the banking industry consolidated, it grew too large while remaining too fragmented and unwieldy for politicians to regulate and for regulators to understand—until, in 2008, those supermarket banks, such as Citigroup, needed federal help to survive and prosper once again. Rose explains the history of the financial industry as a story of individuals—some well-known, like Presidents Kennedy, Carter, Reagan, and Clinton; Treasury Secretaries Donald Regan and Timothy Geithner; and JP Morgan CEO Jamie Dimon; and some less so, though equally influential, such as Kennedy's Comptroller of the Currency James J. Saxon, Citicorp CEO Walter Wriston, and Bank of America CEOs Hugh McColl and Kenneth Lewis. Rose traces the evolution of supermarket banks from the early days of the Kennedy administration, through the financial crisis of 2008, and up to the Trump administration's attempts to modify bank rules. Deeply researched and accessibly written, Market Rules demystifies the major trends in the banking industry and brings financial policy to life.

The rural roads that led to our planet-changing global economy ran through the American South. That region's impact on the interconnected histories of business and ecological change is narrated here by acclaimed scholar Bart Elmore, who uses the histories of five southern firms—Coca-Cola, Delta Airlines, Walmart, FedEx, and Bank of America—to investigate the environmental impact of our have-it-now, fly-by-night, buy-on-credit economy. Drawing on exclusive interviews with company executives, corporate archives, and other records, Elmore explores the historical, economic, and ecological conditions that gave rise to these five trailblazing corporations. He then considers what each has become: an essential presence in the daily workings of the global economy and an unmistakable contributor to the reshaping of the world's ecosystems. Even as businesses invest in sustainability initiatives and respond to new calls for corporate responsibility, Elmore shows the limits of their efforts to "green" their operations and offers insights on how governments and activists can push corporations to do better. At the root, Elmore reveals a fundamental challenge: Our lives are built around businesses that connect far-flung rural places to urban centers and global destinations. This "country capitalism" that proved successful in the US South has made it possible to satisfy our demands at the click of a button, but each click comes with hidden environmental costs. This book is a must-read for anyone who hopes to create an ecologically sustainable future economy.

The intimate, fly-on-the wall tale of the decline and fall of an America icon With one notable exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street, setting up offices in far-flung cities and towns long ignored by the giants of finance. With its “thundering herd” of financial advisers, perhaps no other business, whether in financial services or elsewhere, so epitomized the American spirit. Merrill Lynch was not only “bullish on America,” it was a big reason why so many average Americans were able to grow wealthy by investing in the stock market. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen? And what does this story of greed, hubris, and incompetence tell us about the culture of Wall Street that continues to this day even though it came close to destroying the American economy? A culture in which the CEO of a firm losing $28 billion pushes hard to be paid a $25 million bonus. A culture in which two Merrill Lynch executives are guaranteed bonuses of $30 million and $40 million for four months’ work, even while the firm is struggling to reduce its losses by firing thousands of employees. Based on unparalleled sources at both Merrill Lynch and Bank of America, Greg Farrell’s Crash of the Titans is a Shakespearean saga of three flawed masters of the universe. E. Stanley O’Neal, whose inspiring rise from the segregated South to the corner office of Merrill Lynch—where he engineered a successful turnaround—was undone by his belief that a smooth-talking salesman could handle one of the most difficult jobs on Wall Street. Because he enjoyed O’Neal’s support, this executive was allowed to build up an astonishing $30 billion position in CDOs on the firm’s balance sheet, at a time when all other Wall Street firms were desperately trying to exit the business. After O’Neal comes John Thain, the cerebral, MIT-educated technocrat whose rescue of the New York Stock Exchange earned him the nickname “Super Thain.” He was hired to save Merrill Lynch in late 2007, but his belief that the markets would rebound led him to underestimate the depth of Merrill’s problems. Finally, we meet Bank of America CEO Ken Lewis, a street fighter raised barely above the poverty line in rural Georgia, whose “my way or the highway” management style suffers fools more easily than potential rivals, and who made a $50 billion commitment over a September weekend to buy a business he really didn’t understand, thus jeopardizing his own institution. The merger itself turns out to be a bizarre combination of cultures that blend like oil and water, where slick Wall Street bankers suddenly find themselves reporting to a cast of characters straight out of the Beverly Hillbillies. BofA’s inbred culture, which perceived New York banks its enemies, was based on loyalty and a good-ol’-boy network in which competence played second fiddle to blind obedience. Crash of the Titans is a financial thriller that puts you in the theater as the historic events of the financial crisis unfold and people responsible for billion of dollars of other people’s money gamble recklessly to enhance their power and their paychecks or to save their own skins. Its wealth of never-before-revealed information and focus on two icons of corporate America make it the book that puts together all the pieces of the Wall Street disaster.

Founded in 1768 at the crossing of two Indian trails, Charlotte has a rich heritage to match its age. In this extensively researched volume, accomplished author and historian Mary Kratt chronicles the history of Charlotte from the earliest Catawba inhabitants to the development of finance, culture and transportation, still centered on those ancient crossroads. Hear the personal voices of discovery, hardship, wars, privation, segregation and achievement from village to boomtown. Whether detailing the cotton fields and textile mills of yesterday or the banking center of tomorrow, Kratt's account is a fascinating history of the people who have made Charlotte a queen among southern cities.

The rapid evolution of Charlotte, North Carolina, from “regional backwater” to globally ascendant city provides stark contrasts of then and now. Once a regional manufacturing and textile center, Charlotte stands today as one of the nation’s premier banking and financial cores with interests reaching broadly into global markets. Once defined by its biracial and bicultural character, Charlotte is now an emerging immigrant gateway drawing newcomers from Latin America and across the globe. Once derided for its sleepy, nine-to-five “uptown,” Charlotte’s center city has been wholly transformed by residential gentrification, corporate headquarters construction, and amenity-based redevelopment. And yet, despite its rapid transformation, Charlotte remains distinctively southern—globalizing, not yet global. This book brings together an interdisciplinary team of leading scholars and local experts to examine Charlotte from multiple angles. Their topics include the banking industry, gentrification, boosterism, architecture, city planning, transit, public schools, NASCAR, and the African American and Latino communities. United in the conviction that the experience of this Sunbelt city—center of the nation’s fifth-largest metropolitan area—offers new insight into today’s most pressing urban and suburban issues, the contributors to Charlotte, NC: The Global Evolution of a New South City ask what happens when the external forces of globalization combine with a city’s internal dynamics to reshape the local structures, landscapes, and identities of a southern place.