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| Rifts Grow Among Ranks as Banks Recoil- Walt Moeling quoted |
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Atlanta Business Chronicle June 9, 2008
Walter G. Moeling, IV
Walt Moeling, Powell Goldstein LLP banking attorney, said 90 percent of Atlanta's bank CEOs were out of a job, or in a different position, at the end of the five-year crisis than they were at the start of the crisis.
Bankers said they don't expect attrition to reach those levels during this latest downturn, but said they do expect an increase, particularly with 162 banks in metro Atlanta, according to federal regulatory bank data.
The most common leadership change in the latest slowdown among Atlanta banks has been director resignations.
The reasons directors step down vary, Moeling said, but ultimately stem from the inability to devote the time and energy necessary to a bank in the midst of a turnaround, especially when they signed up to shepherd a growing, healthy organization.
"There's the over-riding sense for some directors that something is wrong, this isn't what I signed up for, and someone else is probably better suited to the job" said Moeling. "Because of that, we'll continue to see turnover."
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