The Mess At Bank One

Ex-CEO McCoy shared power too much

During most of the decade and a half when John B. McCoy strode around the Midwest snapping up more than 100 banks, he tried to give his acquisitions a long leash. The affable former small-town banker--the third-generation scion of a banking family--liked to keep local managements in place and let them stick with their own styles of doing business. Billing his approach the "uncommon partnership," he would tell bankers across Ohio and elsewhere that they were the reason he was buying their banks in the first place. He put off centralizing control as long as he could.

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