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Article: Were First Union's eyes bigger than its stomach?

Article from:
Business North Carolina
Article date:
February 1, 1990
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Were First Union's eyes bigger than its stomach?

Ed Crutchfield insists that high-school chums pinned the nickname "Fast Eddie" on him. Securities analysts and investors have another explanation: Once the barriers to regional interstate banking fell five years ago, Crutchfield led his First Union Corp. on a classic shop-'til-you-drop spree.

Between 1985 and 1989, Crutchfield, chairman and CEO of the Charlotte-based bank-holding company, orchestrated 21 deals, or "mergers" as bankers politely describe an arrangement in which the big guys swallows the little one.

Back in 1984, before all this activity commenced and banks had to make do within their ...

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