NationsBank Florida Leadership Shifts Amidst BankAmerica Merger

Strategic Insights -

As the industry-shaking merger between NationsBank and BankAmerica nears completion in October, significant changes in leadership are underway. Alex Sink, who previously led NationsBank Florida, will regain the top post in the state, as Gene Taylor heads west to San Francisco to run the West region of the new institution. Sink will move to Jacksonville later this summer, with her husband and children expected to follow. This shake-up marks the aftershock of the seismic shift in U.S. banking caused by the NationsBank-BankAmerica deal, with NationsBank executives set to lead the new BankAmerica.

Key Takeaways:

  • Alex Sink will regain the title of president of NationsBank Florida, a position she held from 1993 to earlier this year.
  • Gene Taylor, who managed NationsBank's takeover of Barnett Banks Inc. in 1993, will move to San Francisco to run the West region of the new institution.
  • The merger with BankAmerica has created a new leadership structure, with Sink reporting to Joel Smith, who heads the East region, and Ken Lewis, president of consumer and commercial banking in BankAmerica.
  • The BankAmerica retail bank will be divided into three geographic divisions: East, West, and the Southern California region.
  • The shake-up in NationsBank Florida management is a result of the merger, with NationsBank executives set to lead the new BankAmerica.
  • Sink has described Ken Lewis, who will oversee the East region, as her professional mentor in NationsBank.

Statistics:

  • NationsBank Florida's assets increased from $20 billion to $60 billion after the Barnett merger.
  • The new BankAmerica will have a combined $1.4 trillion in assets, making it one of the largest banks in the United States.
  • The merger is set to be completed in October, with NationsBank executives taking leadership positions in the new institution.