McColl: The Man with America's Money
Too long and too soft on its subject, this account of the rise of Hugh McColl is entertaining even though Yockey sticks too close to the point of view of McColl, the man who created the first national bank when he joined his Nationsbank with Bank of America. Although the merged company took the B-of-A name, Yockey makes it clear that McColl was the ultimate victor. Given what appears to be unlimited access to McColl, Yockey describes the deal making that helped McColl turn a sleepy local bank in Charlotte, N.C., into a powerhouse in the state and then into a dominant regional bank. McColl started by buying up smaller banks that couldn't compete in the new environment of the late 1980s and early 1990s and then took full advantage of the liberalization of banking laws that made interstate banking a reality. The story of the monster merger, as Yockey casts it, is a story of a shrewd Southerner outfoxing the slick and arrogant New York money men. To this regional animus Yockey adds McColl's need to prove his worth to his father. Much in McColl's life and career is raw material for a good story, but Yockey barely stops short of hero worship and always puts McColl in the best possible light. He accepts at face value McColl's edict to his troops to avoid charity drives and community involvement as the bank expanded throughout North Carolina because such extracurricular activities would be distractions. McColl's role in the changing banking industry warrants treatment by a writer willing to ask and answer tough questions. Yockey merely celebrates his subject as the epitome of boom-time success. 75,000 first printing; 150,000 ad/promo. (Oct.)Copyright 1999 Reed Business Information, Inc.