Magazine article American Banker

NationsBank's Hartman to Take Early Retirement

Magazine article American Banker

NationsBank's Hartman to Take Early Retirement

Article excerpt

Timothy P. Hartman, a top officer of NationsBank Corp., will take early retirement in March 1994, according to wellplaced sources.

A vice chairman of Nations-Bank and chairman of its Texas subsidiary, Mr. Hartman will become eligible for a monthly pension of at least 25,000 when he reaches age 55 in 13 months, according to filings with the Securities and Exchange Commission.

Mr. Hartman was not available for comment.

A spokesman for the Charlotte, N.C.-based company declined to discuss Mr. Hartman's future but added: "Tim has held a longstanding objective of being able to ritire at age 55."

Key Figure in Growth

The executive figured prominently in NationsBank's aggresive growth in recent years. As chief financial officer of what was then called NCNB Corp., he guided the company's purchase of the failed First Republic-BankCorp. in 1988. The operation now has $33 billion of assets, and is Texas' biggest bank.

Mr. Hartman also spearheaded the formation of a company-wide problem-asset workout unit that has been key to NationsBank's absorption of several other companies. The nimble banker also has been the point man for NationsBank's lobbying efforts in Washington.

"From a counseling standpoint, Tim's departure would be a significant blow to Nations-Bank," said Anthony Davis, a banking analyst with Dean Witter Reynolds Inc.

Speculation on Successor

Early speculation on Mr. Hartman's successor in Texas centers on Robert B. Lane, who has been president of the unit since July 1990. He is a former officer of InterFirst Corp.

Mr. Hartman is known to have clashed occasionally with Hugh L. McColl Jr., NationsBank's feisty chairman and chief executive. But industry sources doubt he is being forced out or leaving from frustration.

He is just three years younger than Mr. McColl, and has never been considered an heir apparent. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.