Dead Bank Walking: One Gutsy Bank's Struggle For Survival And The Merger That Changed Banking Forever [Hardcover]

Robert H. Smith (Author)

Book Description

Publication Date: January 1, 2000

Dead Bank Walking is a stunningly candid portrait of the historic merger between Security Pacific and Bank of America, a combining of two giants that set in motion the fever of banking marriages we now witness. This book not only answers the Who, What and Why of this mega-merger, but stand alone as an object lesson on all mergers. It evokes the humor and frantic chaos surrounding a deal that is still regarded as either a brilliant coup or a tragic swan song to banking sovereignty and independence.

Editorial Reviews

From the Publisher

Working with Bob Smith in putting this book together has been an interesting and eye opening experience. I found Bob to be a very down to Earth individual, much different than I would have expected from a person who headed up the fifth largest banking institution in the United States and enjoyed coffee with some of the most important and influential financial people in the world.

The first time we spoke on the phone, Bob Smith told me he wanted everyone to know what really went on behind those closed doors as Security Pacific fought to stay above water. He felt the former employees and those who retired from Security Pacific should know the whole story.

Bob found a talented screenwriter, Michael Crowley to collaborate with. While Bob Smith spun the tale, wordsmith Crowley carefully crafted the words into a great read. I dare say, as you are reading the book, you feel like you're watching a movie as the story progresses.

There are those who think a lot of Bob Smith, there are those who condemn him. One thing is for sure, read this book and find out what really went on during this historic merger and look at the banking mega-merger craze it kicked off. I have to agree, you'll never look at your bank or your bankers the same way again.

Enjoy!

Ed Helvey Publisher

About the Author

Robert H. Smith joined Security Pacific in 1961, after serving a tour of duty as a naval officer and earning a degree in public adminstration from the University of Southern California. While working his way up the corporate ladder, Smith added a law degree and, in 1991 assumed the position of Chairman of the Board and CEO of Security Pacific, the fifth largest US banking company.

Smith continues to serve on the boards of national and internation corporations, universities and charitable groups. He also served as a member of the Market Oversight Committee of the SEC, the California State Teachers Retirement Board and taught management for six years at the Pacific Coast Banking School.

Michael K. Crowley has worked as a screenwriter and published several non-fiction articles. His is a graduate of the School of Cinema Television at the University of Southern California with a degree in film writing.

Product Details

• Hardcover: 448 pages
• Publisher: Oakhill Press (January 1, 2000)
• Language: English
• ISBN-10: 1886939330
• ISBN-13: 978-1886939332
• Product Dimensions: 9.3 x 6.4 x 1.4 inches
• Shipping Weight: 1.7 pounds
• Average Customer Review: 4.2 out of 5 stars  See all reviews (19 customer reviews)
• Amazon Best Sellers Rank: #784,164 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

11 of 11 people found the following review helpful:

4.0 out of 5 stars Dead Bank Walking, but with a big limp, February 3, 2000

By 

John Hunt (Santa Barbara, California, USA) - See all my reviews

This review is from: Dead Bank Walking: One Gutsy Bank's Struggle For Survival And The Merger That Changed Banking Forever (Hardcover)

I was there during the period of this book, at a lower level of Security Pacific. I found the book almost unbelievably exciting and scary. It explains much about what was happening to the "troops" that we could not understand. Smith did a good job of keeping the true problems away from all of us, including employees and the public, as he no doubt had to in order for the merger to succeed. All in all, anyone with any interest in banking and finance should find this an exciting and informative book.

15 of 17 people found the following review helpful:

5.0 out of 5 stars A Unique Insider's Perspective, January 13, 2000

By 

John Beauclair (Connecticut) - See all my reviews

This review is from: Dead Bank Walking: One Gutsy Bank's Struggle For Survival And The Merger That Changed Banking Forever (Hardcover)

Having read other books (Den of Thieves, Barbarians at the Gate, etc.) written on some of the other deals which took place in the late eighties and early nineties, I was looking forward to something similar with "Dead Bank Walking."

While the book certainly delivers an informative account of Security Pacific's rise and eventual merger with Bank of America, it also offers the perspective of one of the deal's main decision makers. Instead of the 'Monday Morning Quarterback' approach of most business retrospectives, Smith offers the reader the opportunity to understand all of the factors which influenced this mega-merger and the eventual aftermath.

I'd recommend this book to anyone involved in the financial services industry or considering a career in finance.

9 of 12 people found the following review helpful:

5.0 out of 5 stars To Speak the Unspeakable, March 9, 2000

By 

Terrence Johns (Hollywood, California) - See all my reviews

This review is from: Dead Bank Walking: One Gutsy Bank's Struggle For Survival And The Merger That Changed Banking Forever (Hardcover)

That "Dead Bank Walking" has re-ignited debate on mergers and, in some cases, reopened old wounds, is a testament to its penchant for paring close to the bone. It is almost sacrilege for the chairman of a huge corporation to confess that when the chips are down shareholders are more important than employees. I am by no means an apologist for mass layoffs, but as an attorney I appreciate how rare it is for an executive to state what is harsh but truthful: That executive management has a legal fiduciary obligation to the shareholders of a corporation, and that this factor plays the key role in any decision to merge. Mr. Smith resoundingly makes his argument that Security Pacific Bank had no serious alternative--an ugly truth, but a truth nonetheless. This is the first time I have seen a CEO admit the un-admittable with conviction, humility, and some measure of self-rapprochment. Mr. Smith obviously regrets that he and BofA Chair Richard Rosenberg had to lay off so many employees--I read between the lines and sensed he is haunted by it--but is honest and courageous enough to say it was the right solution to an insurmountable problem. Readers who prefer the sugar-coated version are advised to steer clear of "Dead Bank." But for those in search of authenticity and clarification, this book is quite simply a revelation.

In my estimation Chairman Smith has little to gain and much to lose by writing this book; it is the type of book a CEO never writes. A CEO is supposed to go off quiety to his corner with his golden parachute and never be heard from again. The style and fecundity of the writing is evidence of how important it was to Smith to relate this story and engage readers without condescension. The prose is vital but comprehensible. Any literate individual will immediately understand the momentous issues at stake. Smith manages to find humor in unlikely places. I have read a number of CEO manuscripts that never made the cut to published works and I can attest not only to the fact that Smith is an unusually adept author, but how rare indeed it is for an executive to be able to express himself in words to the degree that they provoke a heartfelt emotional response in the reader. I applaud the writing of this book and hope that it inspires other high level executives to speak the unspeakable.