Here’s the Deal: How the McCoys Built America’s Most Admired Bank One Acquisition at a Time bestlittlebank
I enthusiastically recommend a new book by former Bank One CEO John McCoy, “Here’s the deal: how McCoys built America’s most sought-after bank in one acquisition.” This is absolutely fantastic.
Banking industry. But the book is more than just the story of the McCoy family or the story of the growth of an individual bank. In fact, this is the history of banking in the United States. Each generation of McCoy played an important role in creating the laws and institutions that today make up the US banking system.
Management style. This article also provides a clear overview of how one CEO, John B., used some interesting management tactics, bestlittlebank such as his Share and Compare reports, in which subsidiary banks are ranked according to various indicators. John B. told me many times that “share and compare”, in fact, he succeeded. The leaders of the lower-ranking subsidiaries in this metric will call the CEO who did better and ask how he did it. John B. said the requesting CEO never called the bank that ranks first, as that would be too awkward, but would instead call the second or third CEO for information.
There is no one whom I would respect more as a businessman than John McCoy. As for this, I can’t think of anyone who has been kinder to me for many years or has been a great pleasure to be around than he is. When I gathered the advisory board of my company Second Curve Capital, John was my first call, and 19 years later, he remains a wonderful source of wisdom and sound advice. And, as I said, he wrote a book that anyone in the banking industry will find extremely interesting and instructive. “I did not write this to make money,” John told me when he called to say that he was sending me a copy by mail. “I wrote it to tell the wonderful story of Bank One and to thank everyone who contributed to this success.” Believe me, he succeeded.
It was 1935, and the ambitious oilman who became a banker moved to Columbus, Ohio to take the reins of City National Bank & Trust, a brave little bank that barely survived the Great Depression. It didn’t take John Mackom much time to realize that he couldn’t compete with the leading banks of the city for a profitable commercial and trusting business, so, if necessary, he outlined a truly unconventional course – to become a bank for a little guy. His sons, John G. and Charles McCoy, accepted this idea. They were one of the first bankers in the country to introduce innovations, including “moving up windows,” credit cards and ATMs in each branch, creating the foundation for the modern retail banking industry. Throwing the convention to the wind, John G. McCoy even hired comedian Phyllis Diller to star in the original commercials, and somehow convinced the skeptical board of directors to accept the name Bank One, which was completely different from the banker. “Gentlemen, you can have either dignity or dividends,” bestlittlebank he told them coolly. “I vote for dividends.” But under the auspices of John B. McCoy, which lasted almost two decades, Bank One really gained popularity. Overseeing a mergers and acquisitions group led by Eve Reese and then Bill Boardman, John B. McCoy created a midwestern bank management center with over 100 acquisitions and has been widely recognized as the industry’s most prolific and successful acquirer. Here’s the thing – the fascinating history of the American banking dynasty, family history in equal parts, corporate memoirs and history from the inside. But most of all it
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