Charlotte has another winner over Atlanta in bank wars

Back in 1994, when the final basketball competition of the college basketball came to Charlotte, N., restaurants and pop-up bars were established, Deputy Mayor Pro Tem Lynn Wheeler said. Cardboard faces facing an empty building, almost like a series of movies.

The city wanted to understand sense and good, she remembered.

There is no longer any need, mostly thanks to the growing banking industry. And Charlotte's loss is Atlanta's loss.

Advertisements Thursday that the largest bank of Georgia, SunTrust, is consolidating with BB & T and moving its headquarters to Charlotte as the latest in a series of Atlanta banks. Over the years, more C & S competitors bought, First Atlanta, Bank South Corp. and First Railroad and Banking Co. and they moved north to Queen City.

These events brought Atlanta economic fuel off, economist Roger Tutterow, Kennesaw State University.

"It's a loss," he said. "Even if we keep a lot of employees for this market, where the corporate headquarters have many implications for corporate service firms, lawyers and when that expenditure goes."

So why go to Charlotte, a half-meter of Atlanta?

Not only does Atlanta have more, has a busiest airport. Atlanta has a bigger history. And higher average pay.

Charlotte's banking peaks were not random, said Thomas Hills, former banker and chief financial officer of the state of Georgia. "It was inevitable."

Changes in the whiskey regulation for condensation in the South East, particularly in North Carolina, moved to where the rules were the least restrictions, he said. Three years ago, the boundaries of story mergers were. Banks were allowed to end business outside their counties.

"And because North Carolina had dominion, they kept growing," Knock said. "You had bank lawyers, accountants, all kinds of service expertise. So you will find some efficiencies."

North Carolina's bank sets his eyes early on prey elsewhere, like Georgia, which is a huge emergence such as Bank of America, former Wachovia (now part of Wells Fargo) and BB & T.

Now, with the Bank of America and the combined SunTrust / BB & T entity, Charlotte will be the headquarters of two of the Top Six bands in U.S. The city is the largest banking center outside of New York.

Kelly King, chief executive of BB & T, told the Atlanta Journal-Constitution that he loved Atlanta, as well as the current bank headquarters in Winston-Salem. But Charlotte has a deeper bench of banking talents.

When the CEO and SunTrust, William Rogers Jr, decided that the business requirement was to choose a third city, the choice was clear.

"We have come to the best choice, we believe Charlotte is a financial hub," he said.

Charlotte – if only for geographical reasons – Atlanta has often competed for corporate relocation, major sporting and political events, and the recruitment of young and talented professionals. It offers hot climate, affordable affordable housing and a suburban or urban living option.

"What makes favorable places to grow?" Tutterow mused. "In the case of entrepreneurs you need access to capital and access to a high quality workforce. These banks greatly funded the growth of Atlanta meter in the 1960s, 1970s and 1980s."

Some of the banking days in Atlanta are self-inflicted, according to Sam Williams, a former chief executive of Chamber Chamber Chamber.

SunTrust Plaza is made on Thursday, February 7, 2019, in Atlanta. SunTrust Bank-based Atlanta and its Southeast rival, Winston-Salem, BB & T based on N.C. On Thursday, they will be able to create the sixth largest bank in the President, which will cost Fortune 500 Atlanta headquarters. (Photo: (Curtis Compton) /
(Curtis Compton)

State legislators wrote restrictive rules governing bank and expansion branches, which effectively went to the way they could grow, told Williams to the AJC.

"It was just an ignorant decision," he said. "The Atlanta Assembly banking industry at Atlanta Charlotte is just available."

Whatever the historical reasons, Charlotte now has an advantage when banking executives are thinking of consolidation, Chris Marinac, a bank analyst with FIG Partners in Atlanta said.

"The reality is, talent talent is better than Winston-Salem or Atlanta," he said.

Young professionals have seen in Charlotte.

Prior to the Great Run, Atlantic ranked one third among the largest meters as a destination for people aged between 25 and 34 years. The fifth of Charlotte, according to a recent study by William Frey, the Brookings Institute. Over the past five years, Atlanta has fallen to No. 11, while Charlotte reaches sixth.

"We're not the old Charlotte stodgy we used to be," said Wheeler.

Most of the Millennials are now on the city council in Charlotte, she said. "It's like that song," I think the ground goes under my legs. "So much has changed."

However, Atlanta is steadily growing and, while the SunTrust merger puts some cuts, it is unlikely that 2.8 million jobs will be drawn out of the course.

In addition, the Atlanta financial sector is still strong, Marinac said. Much of the banking talent will stay, he said.

"It's not like they will be cutting a lot of leaders in Winston-Salem and Atlanta for the benefit of Charlotte," he said. "I think Atlanta and Winston-Salem will be a clean beneficiary, because there will be a lot of infrastructure that needs to be kept."

Leave a comment

Send a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.