Magazine article American Banker


Magazine article American Banker


Article excerpt

A Non-Idle Mind

Tom Garrott, the longtime Memphis banker who helped build National Commerce Financial Corp. into a $23 billion-asset regional banking company, has something new to keep him busy after his company sells itself to SunTrust Banks Inc. of Atlanta.

President Bush has appointed Mr. Garrott to represent employers on the advisory committee of Pension Benefit Guaranty Corp., which insures the pension plans of 31,000 U.S. companies. His term will run through 2007, according to a June 29 press release.

The committee advises the PBGC on investment policies and procedures, oversight of terminated plans, and other affairs.

The grocer-turned-banker was National Commerce's chairman until last year; he now chairs its executive committee.

National Commerce's board approved SunTrust's $7 billion takeover offer in May. The deal is expected to close this year.

The President also named Melody L. McDonald, the managing director of RCM Capital Management in San Francisco and a former banker at Wells Fargo & Co., as the advisory committee's chairwoman. Betty Scott Ireland, a pension consultant from Charleston, W.Va., and James E. Nevels, who runs an investment advisory firm in Swarthmore, Pa., were named members.

Take B of A Out

Bank of America Corp.'s marketing chief, Cathy Bessant, is a big baseball fan, so she was understandably enthusiastic Thursday as she talked about its decision to hitch its name to the national pastime's star.

On Thursday, B of A announced three sponsorships worth "several million" dollars a year that a spokesman said would help it "own the sport" -- from the professional level to neighborhood youth leagues -- for the next four years.

The $1 trillion-asset Charlotte company signed marketing agreements with Major League Baseball Properties, Minor League Baseball, and Little League Baseball making it the "Official Bank of Baseball" nationwide. …

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