Prime Location

Carnegie’s Edge

The Payoff

Trenton Savings’s Transformation

A New Bank for Hopewell

Corrections or additions?

These stories by Nancy Kennedy and Barbara Fox were published in U.S. 1 Newspaper

on March 18, 1998. All rights reserved.

Carnegie: The Little Bank That Could

Back in Carnegie Bank’s early days in 1988, the startup’s

handful of officers and employees dubbed the place "The Firehouse."

At any hour of the day someone was likely to be there, working hard

to get the new venture on its feet. Ten years later, the bank is by

any measure a success: a thriving commercial bank with eight branch

offices, $430 million in assets and a $280 million loan portfolio.

In December it agreed to be acquired by Sovereign Bancorp in a transaction

that no one could call a fire sale.

In the agreement, Sovereign — based in Wyomissing, Pennsylvania,

but with a growing central New Jersey presence — will exchange

$35.50 in Sovereign common stock for each outstanding share of Carnegie

Bancorp common stock, for a total of about $94 million in Sovereign

stock. The price reflects 282 percent of Carnegie’s tangible book

value and 20.2 times Carnegie’s projected 1998 earnings — a coup

for Carnegie, even in this era of record-breaking mega-mergers.

Ten years ago banks were merging right and left. Larger, not smaller,

was the trend. Yet seven investors with no banking experience saw

a niche and opened their bank just six months before the bank failures

started to hit the headlines. "Take a look at the banking industry

from 1987 to 1992 when so many banks were closed or forced to merge

because of the economy," says Thomas L. Gray Jr., CEO. "It

was a risky time, for sure. If you did it wrong you would get into

a lot of trouble. But we did it right."

Carnegie Bancorp will be turned over to Sovereign in June, and three

Carnegie officers — CEO Thomas L. Gray, Mark A. Wolters, and Richard

P. Rosa — will leave to start over, this time as directors at

a commercial bank in Palm Beach, Florida.

"Carnegie got a very attractive price," says Claire Percarpio,

a Janney Montgomery Scott analyst in Philadelphia who follows the

bank. "The return was phenomenal for the bank’s investors."

Phenomenal, indeed. If you’re one of Carnegie’s 660 shareholders,

you can pat yourself on the back for this one.

Say you got in on the bank’s initial public offering in 1994, for

$13.125 per unit, consisting of one share and a warrant to buy another

share. On the face of it, the merger price of $35.50 a share four

years later looks good enough.

But then adjust the IPO price to reflect the three 5 percent stock

dividends shareholders got from 1995-’97, and the story gets even

more interesting. Your effective price per share drops to $11.34,

increasing your profit to more than triple your original investment.

And don’t forget the warrant. If you exercised the warrant at the

exercise price of $15.09 a share when it was set to expire in August,

1997, as 99.8 percent of the bank’s shareholders did, you now hold

an investment worth more than $55 — $35.50 for your share, plus

a gain of about $20 on the warrant share.

Investors who came on board in 1989, when the bank raised $2 million

in a stock offering, bought in at $16 a share. That looks high, but

adjusted for seven annual 5 percent stock dividends, the effective

price is $11.37 a share.

If you were one of the original investors who helped the bank raise

its initial $6 million in capital in 1988, you make out even better,

having gotten in at $10 a share. Adjust that price for the same seven

5 percent stock dividends, and your effective share price falls to

$7.11 a share — netting you a fivefold profit in 10 years’ time.

Even Sovereign admits that in its race to beat out the six other banks

interested in acquiring Carnegie, it didn’t even attempt to bargain

on price. "We’ve made 19 acquisitions in the last seven years,

and this is the highest price we’ve ever paid for a bank," says

Jay Sidhu, Sovereign’s president and chief executive officer.

The story of how Carnegie scored so big is not one brimming with tales

of a fledgling enterprise pulling back from the brink of disaster

or of lessons learned from disastrous forays into new territories.

"We had a vision and everything has gone according to plan,"

says Gray. "I never had a single sleepless night worrying about

whether or not we were going to make it."

Top Of Page
Prime Location

Carnegie’s story begins in 1986, when the partners of

the Penns Neck Center Project began looking for a commercial bank

to anchor a small office center being outfitted in the old Penns Neck

School at the intersection of U.S. 1 and Alexander Road. Even then

talk was circulating about the eventual construction of a large scale

overpass at that intersection, but the developers were undeterred.

"We considered the property the 42nd and Broadway of Mercer County,"

recalls developer Peter Pantages of McCay Real Estate, based at Golden

Crest Corporate Center on Route 33. "It’s a great location for

a commercial bank, and our experience was that banks make good tenants.

They mind their own business, they pay their rent, and they help attract

other tenants."

About the same time, Gray, then chief executive officer of the Lafayette

Bank and Trust Company in Fairfield County, Connecticut, began to

speak to friends about his desire to be in on the chartering of a

new bank. It was, he says "on my lifelong checklist of things

to do."

In a typical friend-of-a-friend scenario, a colleague of Gray’s attended

a real estate closing in Princeton at which he met members of the

Penns Neck project. The idea of anchoring the building with a newly

chartered bank began to percolate.

Gray came down to meet with the Penn’s Neck group and look the location

over. "My recollections of the area were of passing through on

the way to Giants-Eagles preseason games, and it was all farmland

then. I was impressed by the explosion of population and business

and felt right away that this was a dynamic spot."

As a place to live and work, the booming Route 1 corridor appealed

to Gray, who was married and had a son in the fourth grade. "I’d

rather have the sound of trucks going by than the sound of critters

in my ear," he jokes.

In 1987, a group of eight investors, including Gray, began raising

the $6 million in capital required by the Federal Deposit Insurance

Corp. to charter Carnegie Bank. Trolling among friends, relatives

and business contacts, the group’s fundraising went along smoothly,

and the bank opened its doors in August, 1988.

The eight investor/founders — Bruce Mahon of McCay Real Estate;

Joseph Oakes of Princeton’s Acorn Financial Services; Michael E. Golden

of First Colonial Securities in Marlton; Jim Haas, owner of NutriSystems

franchises; Fox & Lazo’s John Burke; James Quackenbush of an Englewood-based

CPA firm; Don Williams of Princeton Equity Group; and Gray, —

were not only able to persuade investors to come up with the initial

$6 million, but also attract business to the bank in its startup days.

Aside from the Who’s Who group of investors, observers and bank executives

alike attribute Carnegie’s success to the niche it found and cultivated

among the Princeton business community.

"What attracted us to Carnegie was how it provided superior personal

service to its clearly defined niche of small to mid-size businesses

and high net worth individuals," says Sovereign’s Sidhu. "It’s

more of a culture, really, and one that has been superbly executed.

You feel it the minute you walk into a Carnegie Bank office."

Surprisingly, a community bank that targeted small businesses was

lacking in the Princeton area 10 years ago. It was a time when banks

were going through their first wave of consolidations, Pantages recalls,

and most Princeton area banks were "controlled out of Newark."

The smaller ones, including Nassau Savings, Amerifederal, and Cenlar,

soon would be embroiled in financial problems.

Gray started by assembling a team of 11 people, including two loan

executives lured away from Yardville National Bank; its chief lending

officer Mark Wolters, who came on as Carnegie’s vice president and

Loretta Lucchesi, office manager of Yardville’s loan department, as

a lending officer. Things were moving so fast — and often so informally

— that Wolters recalls some confusion about his early role that

has turned into a shared joke between him and Gray.

"When Tom brought potential customers around, I’d introduce myself

as the bank’s vice president and chief lending officer," Wolters

remembers. "It wasn’t until two years later that Tom told me he

was actually not only CEO and president, but acting as the chief lending

officer as well. I gave myself the title, I guess."

Carnegie’s first marketing strategy was a simple one: "Free Business

Checking" was the slogan that flew literally from a banner in

front of the bank’s new building at 619 Alexander Road, right in the

path of the proposed new interchange. (The bank enjoyed its high-visibility

location for years while the DOT ironed out the details of its Alexander

Road-Route 1 overpass. In 1995 the bank moved across the street to

600 Alexander Road, and the building was torn down — the condemnation

award is apparently still being negotiated.)

But beyond competing on price, the bank also stressed the personal

approach. In the early days, Gray and Mahon, the bank’s chairman,

hoofed around, dropping in on businesses to let them know the bank

was starting up. One of the doors they knocked on was Bill Robertshaw’s

ProCommunications on Witherspoon Street, a fast-growing telecommunications

company now called Signius.

"I attribute 100 percent of the bank’s success to its people,"

says Robertshaw. "My family has thoroughly enjoyed our association

with the bank, and Tom Gray, Mark Wolters and Loretta Lucchesi in

particular. They really shine with the personal touch. Everywhere

else you go, it’s `Take a number, take a seat,’ but Carnegie makes

you feel welcome when you deal with them."

Top Of Page
Carnegie’s Edge

Carnegie’s typical customer is a family-owned small

business, or a professional such as a doctor, lawyer or accountant

who is looking to borrow up to $5 million. Gray describes his bank’s

approach as "high touch." He stresses eyeball-to-eyeball contact

between the business owner and a lending officer who has the ultimate

power to make the decision of whether to do a deal.

"At a large bank, the decision maker usually has never seen the

customer," Gray says. "We have lending officers in each branch,

and they understand their market and have approval authority."

Decentralizing the lending process in this way, Gray says, allows

Carnegie to be more flexible than many banks. "A large bank will

say `We can’t do this deal because we have a policy against it,’"

Gray says. "Well, of course, our bank has policies, but we never

say no just for policy’s sake. And if we do say no, we try to suggest

other ways for the customer to reach his goal."

To illustrate how Carnegie tries to accommodate its customers, Wolters

relates an example from the bank’s ledgers. A businessman was renting

the space out of which his business operated, but it was up for sale

and he wanted to buy it. Unfortunately, he didn’t have the 20 percent

down payment. Instead, the loan officer — in this case Lucchesi

— suggested they look at his personal finances to see what they

could do.

"Looking at his home, I could see that he had a great deal of

equity built up," Lucchesi recalls. I suggested he take out a

home equity loan and use the cash to cover the down payment, which

he ultimately did."

Wolters says this example not only demonstrates Carnegie’s flexibility,

but also its approach to building business. "You don’t make a

lot of money on a home equity loan," he says, but in this instance

we made a lifelong customer."

Gray admits the bank had plenty of opportunity to make bad loans.

Shortly after the bank was chartered, buoyed by the confidence of

the booming 1980s economy, the U.S. banking industry nose-dived into

a mire of overly ambitious real estate loans, setting off a wave of

bank failures and government takeovers.

While plenty of potential business came Carnegie’s way as banks pulled

the plug on their lending operations, Gray said he had learned to

evaluate the merits of a deal from his first job after college as

a bank examiner with the U.S. Treasury Department.

The son of a Newark carpenter, Tom Gray had majored in English literature

at Seton Hall, Class of 1966, and stayed at Seton Hall for an MBA

in finance. His first CEO’s job came in 1972 with the $25 million

Peoples National Bank in Denville. "I had examined the bank the

year before and had come upon some problems," says Gray. "A

director called me to say `You had an awful lot to say about how that

bank should be run, why don’t you take a shot at it.’" Then Gray

took a four-year assignment to "clean up a few problems" at

Lafayette Bank and get it sold.

"I could see the mistakes banks were making — over-reliance

on collateral rather than on fundamental cash flow ability and ignoring

the fundamentals in favor of less tangible measures of a loan’s merit,"

Gray recalls.

"I would hear bank executives say they could judge the character

of a potential customer within 10 minutes and make a loan on that

basis. I thought that was the stupidest thing I’d ever heard. You

should be paying attention to the facts and figures, making an analysis

of the company and its history and of the industry," he says.

"Even if a person is passionate about his business, you still

want to go out and kick the tires, walk through the plant. We go to

the business site every time we make a loan," Gray says.

Consequently, Carnegie thrived even while other banks around it were

going out of business. Within four months of opening, the bank had

turned a profit. A year into the venture, the bank raised $2 million

in a stock offering — twice what it had hoped for — and opened

its first branch in Hamilton.

From then on, each time the bank wanted to open new offices —

ultimately in Hamilton, Marlton, Denville, Toms River, Montgomery,

Flemington and Langhorne — Gray says he looked for a "people

edge" before deciding on a location. Wolters even admits they

weren’t shy about poaching good lenders from other banks.

"We would go in and find who the players in that market were,

whose name came up time and again, because the value of any lender

is his or her relationship with the community," says Wolters.

Although conservative in its lending practices, the bank did make

loans that other banks might not have, taking risks that could have

soured. "If someone came in to a bank and said he owned a piece

of property free and clear and would like to build on it, even though

he had no experience as a contractor and had never dealt with the

trades, many banks would make the loan simply because of the equity,"

Wolters says. "I’d look for a carpenter who has been building

homes for someone else, has scraped together maybe 25 to 50 percent

of the down payment, and has a good reputation and a devoted following.

I’d back him any day of the week, because I think he would be the

one to succeed."

Despite a long record of continuous success, it was Carnegie’s 1994

initial public offering that really put the bank on the map and into

play as an acquisition candidate. It raised $9 million in the sale

of 690,000 units that began trading on the Nasdaq national market

system on September 9, 1994, opening at 13.125 per unit.

Over the years, the bank did dodge some bullets. Twice, it stuck its

toe in the water, trying new lines of business; twice it pulled back.

One foray was into the mortgage banking business, a departure from

its focus on commercial lending, and the other was into the sale of

mutual funds and annuities. Both times, says Gray, there was "little

downside for us," but he also found that the upside wasn’t compelling

enough to continue.

But the most significant escape the bank pulled off was its plan to

merge with Philadelphia-based Regent Bancshares Corp., announced in

1995 and scuttled more than a year later. Regent was the slightly

larger bank, with $251 million in assets to Carnegie’s $227 million,

but during the extended merger process a problem came to light with

Regent’s insurance premium financing business — the business of

lending to drivers in assigned risk pools in which the borrower comes

up with 10 percent of the payment up front, and the rest is due within

30 days.

When the merger talks began, Regent held $2 million of the loans.

By the end of 1995, they had $17 million, Gray says. Carnegie discovered

that the default rate for the first payment was 11 percent, while

the overall default rate was a whopping 40 percent. After extending

the merger deadline to September, 1996, while the problem was examined,

the merger agreement was finally ended in January, 1997.

"We were disappointed the merger didn’t happen. It would have

been a natural fit for expansion of our market, but we were delighted

that the problem was spotted before it was too late," Gray says.

Top Of Page
The Payoff

In doling out its own loans, Carnegie Bank seems to

have made some good bets. It has a nonperforming loan rate of just

1.6 percent, according to a survey done by Ryan, Beck & Co. of Livingston

last year for the New Jersey Bankers Association, which is about average

for the New Jersey banking industry. But Wolters points out that the

figure is distorted by one large loan on the bank’s books that carries

an 80 percent federal guarantee.

And Carnegie’s approach to lending has certainly paid off. In addition

to building up the loan portfolio to its current $280 million size,

the bank has maintained a healthy net interest margin, which is the

spread between the interest income from loans and the interest expense

paid out on deposit accounts. Currently, the margin is in the 5 percent

range, Wolters says, up from 1997’s 4.5 percent. That compares favorably

to the industry, and beats the 3 percent margin that Sovereign currently

reports.

Most impressive, the bank has reported an average annual growth rate

of 32 percent in its 10 years of existence, Gray says. From its beginnings

as the 92nd smallest bank in New Jersey out of 92 banks, it is now

37th largest out of 144 state-based banks and the 16th largest commercial

bank, according to the NJBA survey. Its 1997 return on assets was

0.93 percent, higher than the 0.72 reported by New Jersey banks on

average.

By all accounts, the bank hasn’t reported numbers like these by competing

on price. "Looking for a loan is not like going into the grocery

store and buying the cheapest brand of ketchup," says Nancy Witt,

who with her husband, Ron, owns Cranbury-based Sweetwater Construction

Corp., a bank customer. "Carnegie doesn’t give its services away.

They’re always at the top end of the scale, but I think it’s adequate

payback for the higher level of risk they often take and the services

they deliver."

Sovereign, an $18 billion bank holding company, acknowledges the success

of Carnegie’s formula and intends to leave things as they are. Sovereign

has extended job offers to each of the bank’s 13 loan officers along

with retention bonuses and envisions no changes in the bank’s lending

practices.

"Carnegie has a style that has worked very well in its markets,"

Sovereign’s Sidhu says. "Sovereign has a much bigger commercial

loan portfolio — $800 million — but Carnegie does it far better

than Sovereign does. We are very pleased with the quality of their

loan portfolio and their way of delivering services."

One thing that won’t remain is one of the chief reasons for the bank’s

success — Gray himself. When he turns Carnegie Bancorp over to

Sovereign in June, he will be worth a couple of million dollars. With

four other Carnegie Bank stalwarts (Mahon, Golden, Wolters, and Rich

Rosa, chief financial officer) he raised $8 million in personal investments

and private placements to buy Admiralty Bank, a $40 million Palm Beach,

Florida, commercial bank. "Eight million is a hell of a lot of

money for a kid growing up in Newark, New Jersey," Gray says.

As a director (a CEO has already been appointed) Gray expects to spend

one long weekend a month in Florida, overseeing operations he says

will be patterned after Carnegie’s. In July Admiralty is slated for

a $12 million IPO. In words reminiscent of 10 years ago, Gray describes

it as "a spectacular banking opportunity in an area that is growing

in leaps and bounds."

Now divorced, with his son in his sophomore year at Syracuse University,

Gray isn’t sure what else lies ahead for him. "It was a wonderful

time for us and a wonderful opportunity," Gray says. "It’s

a bittersweet ending — the 10 years you spend on something like

this is bound to end with some tears — but it was the right time

to sell and it would have been a shame to miss it."

by Nancy Kennedy

Top Of Page
Trenton Savings’s Transformation

If you bought stock in Trenton Savings Bank two years

ago, based on the current price, you would have quadrupled your money.

In August, 1995, when the bank formed a mutual holding company, it

sold 35 percent of the holding company to the bank’s depositors. The

$31 million stock offering was so successful that two-thirds of the

would-be buyers had to be turned away.

Those who were depositors in 1996 have a second chance now. In its

second stage of going public TSB will again offer stock — the

remaining 65 percent — again to its depositor members, this time

in an effort to raise from $150 to $238 million. It has scheduled

a meeting at the Hyatt on Thursday, March 19, at 7 p.m. to explain

the deal. Call 609-844-1020 for information or if you want to attend

on March 19. Says the corporate secretary, Bob Hollenbeck: "We

are expecting a pretty good turnout, about 300 people."

You can buy (subscribe to) this new stock if you were a depositor

on August 31, 1996. But if too many would-be buyers line up at the

door, they will be selected according to the size of their deposits.

"In 1995 we offered $30 million at $10 a share, and our depositors

subscribed for $90 million, so $60 million was turned back," warns

Hollenbeck.

That $10 stock was recently appraised at from $24 to $38 and it will

split to from 2.5 shares up to 3.8 shares, depending on how well the

new stock sells. Meanwhile, on the strength of the share offering,

the stock price has risen to $43.

Trenton Savings Bank was a mutual thrift bank "owned" by its

depositor members. In 1995 it formed Peoples Bancorp, the fourth largest

mutual holding company in the state, owned by the same depositor members

(65 percent) and also by those who bought stock (35 percent). By April

1, after the conversion, TSB will be a full stock (publicly held)

savings bank with $638.8 million in assets. Peoples Bancorp will be

classified, along with Summit Bancorp, as a bank holding company,

the ninth largest in New Jersey. As such it will be able to buy lines

of businesses that regulations might keep a savings bank from acquiring.

The name will not change and stock will still trade on Nasdaq as

TSBS.

Because the holding company will operate under federal regulations

the underwriter (Friedman Billings & Ramsey) and the attorneys (Luse

Lehman et al) are based in Washington, D.C. The contract for 35,000

copies of the 150-page prospectus went to Philadelphia-based printers,

Packard Press. Administrative costs for the offering will amount to

$1.9 million.

Subscriptions close on Friday, March 27, at noon, and getting your

bid in early won’t help. "If there were a massive oversubscription

there would be cutbacks," says Hollenbeck. On Monday, March 30,

at 10 a.m. the depositor/members will have a short meeting at bank

headquarters on Franklin Corner Road to approve the reorganization,

mostly by proxy. On Tuesday, March 31, at 10 a.m., the stockholders

will meet, again mostly by proxy.

Bank officials won’t specify exactly what TSB and Peoples plan to

do with the new money. "The stock offering will continue the prudent

but planned growth of the bank," says Lee Bellarmino, executive

vice president and chief operations officer. "We do anticipate,

and it is built into the plan, to have some new branching as well

as some strong possibility of acquisitions. We have talked about not

just the traditional companies but related companies that provide

financial services."

Bellarmino isn’t ready to say just what nontraditional companies TSB

might buy, but take a look at its recent moves. To make TSB more competitive

in the business market it hired Frank Sannella from Meridian Bank

to open TSBusiness Finance, which is supposed to provide structured

financing and asset-based financing to commercial businesses. "That

is still in its start-up mode," says Bellarmino.

The most recent acquisitions are $80 million Burlington County Bank

(with two branches) and the $4 million Ocean-county based Manchester

Trust Bank (a state chartered trust bank that does not accept deposits

or make loans) that gives TSB a bigger presence in Ocean County.

TSB is in a buying mode just as First Union prepares to dump some

of the locations it shares with just-acquired CoreStates. Will it

pick up some of the First Union or CoreStates duplicates? Says

Bellarmino: "A lot of the community banks will be looking with

interest at what First Union intends to do with the overlapping branches."

by Barbara Fox

Trenton Savings Bank (Peoples Bancorp Inc.), 134

Franklin Corner Road, Lawrenceville 08648. Wendell T. Breithaupt,

president and CEO. 609-844-3100; fax, 609-844-0101. Branches in Ewing,

Hamilton, Robbinsville, Pennington, Mercerville, Trenton, West Windsor,

Lawrenceville, Burlington, and Ocean counties.

Top Of Page
A New Bank for Hopewell

Buoyed by good news in the banking business — mergers

as big as First Union with CoreStates and as local as Sovereign and

Carnegie Bank — Patrick Ryan is leaving the beer business to start

a bank. He and his cohorts started working on a community bank charter

last November and hope to submit it to state regulators in April.

Their future institution, Hopewell Valley Community Bank, has filed

plans for a site review with Hopewell Township’s planning board to

occupy space at opposite Pennington Market in the 4 Route 31 building

owned by Chester Urbanski, a dentist.

"This is exactly the way banks have been formed for 250 years,"

says Ryan, now executive vice president of Ritchie & Page, a beer

distributorship in Trenton. "Like-minded people get together,

organize their assets and their resources, and organize the bank."

"There has never been a better environment for banking than now,"

says Ryan. "We are very aware of and cognizant of the challenge

we face in competing with other organizations, those as large as First

Union and those both locally based and as well financed as Trenton

Savings Bank and Yardville."

The minimum capital for a new bank is $5 million, and a minimum of

seven organizers is responsible for putting up at least 25 percent

of that. They must proffer 20 percent of that pledge in cash to fund

front-end organizational expense.

The investor/founder board includes Joseph Gonzalez, president of

the New Jersey Business & Industry Association; John Hansbury of

Hansbury-Gibbons Associates on Bear Tavern Road; Chris McManimon,

former owner of the Book Peddlers; Judith Perschilli, president and

CEO of St. Francis Medical Center in Trenton; Steve Picco, a partner

in the law firm of Reed Smith Shaw & McClay; Bob Prewitt, president

of Dana Communications on East Broad in Hopewell; Kathryn Ryan, Patrick’s

mother and principal owner of Ritchie & Page; and Jim Vogelsong, formerly

president and owner of Data Archives Inc.

"I’m not a banker and will not become a banker. I will be the

organizer," says Ryan.

Ryan’s late father, a self-made man and Anheuser Busch sales executive,

acquired the Budweiser distribution rights in 1963. When his father

died, his uncle (a minority owner) bought the business, fulfilling

a 25-year-old agreement. "In a couple of weeks we will close the

deal," says Ryan, "and I have to do something. I was looking

for a job at a venture that had a lot of different aspects and different

challenges, and banking fit the bill."

Ryan went to Hopewell Valley High School and the University of Virginia,

Class of 1971. After two years in the U.S. Army military police, he

was a federal criminal investigator working on white collar crime

for the General Services Administration. He went back to law school

at UVA, and practiced in Virginia until called on to manage a family

firm, an aluminum construction company in Florida, in 1981. In 1982

he moved north to work at Ritchie & Page.

One of his sisters coaches basketball at the University of Virginia

and the other is a computer analyst for the Army. Until 1993 his wife,

Mika, coached varsity basketball at Trenton State. She now runs the

Hopewell Valley basketball league. They have three school-age daughters.

"Selling beer is a very repetitive business," says Ryan, "and

I am more comfortable in handling a business where things are different.

In banking, we will be working with everyone from the local barber

to makers of high tech communications devices." In contrast, says

Ryan, "when I cleaned out my father’s papers he had a 1958 marketing

plan for St. Louis. Change the names and we could use it today."

by Barbara Fox

Corrections or additions?


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