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Here’s an update from the web site Save National City Bank.

Kudos to Dan Moore for showing some business leadership. For background, read his PD OP-ED here.

The Greater Cleveland Partnership seems invisible on this one. It’s self-absorbed leadership seems too busy with an obsession to save Tower City with the Med Mart scheme.

Why doesn’t the business leadership mobilize, as they did with Cleveland-DFAS?

(Tip of the hat to Terri Martin.)

Last 5 posts by Ed Morrison

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9 Responses to “Save NCB: Where is the Greater Cleveland Partnership?”

  1. Justin Balck Says:

    That’s a great question: comparing the Save DFAS effort to the NCB effort. Perhaps it is due to the fundamental underpinnings of each entity. DFAS will always have a “customer” in the US gov’t to provide it with business.

    NCB clearly shot itself in the foot with its Florida bank acquisition and it toxic mortgages. In NCBs case, acquisition by PNC would provide the most stability, which I think is what the regulators were looking for, rather than saving regional jobs.

  2. John Ettorre Says:

    Come on, Ed, your obsession with getting back at your tormentors is beginning to cloud your vision. NCB killed its own chances of dealing from a position of strength here. In business, when you’ve committed organizational near-suicide, you’re going to be left at the mercy of the stronger players in your industry. That’s just how it works, Dan Moore’s noble efforts notwithstanding.

  3. Ed Morrison Says:

    John:

    Seems like you’ve thrown in the towel.

    Not a bad choice, though, given the long term prospects in Cleveland.

  4. John Ettorre Says:

    I just think it’s sensible to pick battles that have some chance of success. This would appear to have little or no chance of success, based on the underlying factors. If I were running the Fed or the bailout process and surveyed the state of the banking industry, I would make the same choice.

    As for Cleveland’s long-term prospects, it’s got just as much to be optimistic about as to be negative about. Pretty much like most regions, I’d say.

  5. John Ettorre Says:

    Sorry, I should have stipulated that I meant not Cleveland, but the NEO region. Cleveland on its own will continue to die, until it’s forced to get serious about regional governance (which I don’t see happening any time soon, alas).

  6. Albert Knute Oberst, JD Says:

    Ed and Hunter Morrison are doing their best to save NEO. Corsair Capital and PNBC are just other pirates trying to make a fortune off of Cleveland. Other pirates that worked within 9th Street banks include Ameritrust,Union Commerce and Central National. Greed rules and North East Ohio is the victim.I hope all of us can work together to SAVE NCB
    Congress and GOD save us! @l

  7. Nancy Keene Says:

    Ironic that the government bailout funds that were intended by Congress to save the financial system are being used to ensure the demise of National City. The bank’s board voted to sell because the Treasury Dept was leaving them off the list of banks that got bailout funds. With their backs against the wall, they took the lowball PNC offer; the golden parachutes ensure their silence on this deal, and make it palatable for them. But an empty skyscraper in Cleveland is deathknell to any future development plans. Who needs more housing or office space or commercial space in downtown Cleveland now that all those jobs will be gone…

  8. Ed Morrison Says:

    John:

    I’m actually somewhat bullish about the region, outside Cleveland. I see a lot of innovation taking place in Lorain, Youngstown and Akron.

    As for having some chance of success, I’d rate saving NCB’s employment base (after the Daberko disaster) rather high on the list of priorities. (See recent work at the U of Toronto on the importance of headquarter companies to a region.)

    Regular readers of BFD know that I rate the prospects fora positive economic boost from a convention center and the Med Mart (especially without a business plan) rather low: Somewhere south of Euclid Beach.

    Also, John, I find your characterization of my mental state rather puzzling. We probably talked, what, 2 years ago? Perhaps it’s disappointing, but I don’t feel too obsessed about getting back at anyone here in Cleveland.

    Even though I’d put the leadership behavior here in Cleveland on the low end of the civility scale, I’m used to seeing these self-destructive patterns. (You may recall that I lived for a number of years in Louisiana, where these patterns emerge as an art form.)

    Now I’m happier than I’ve ever been (and, so is my brother, Hunter, I might add). Being connected at Purdue is a blessing, and it’s given me the opportunity to travel widely, meet exciting people, and work in fascinating regions. My open source models of economic and workforce development are taking off nationally, and it is really fun to watch light bulbs go off.

    Back in Cleveland, I’ll try to tone down my criticism if it sounds too edgy.

  9. John Ettorre Says:

    Ed,
    Fair enough. But as a close and voracious reader and writer, I think it’s not unreasonable to draw some conclusions of one’s outlook from what one reads of their writing, even if you haven’t talked to them in some time. As for your definition of the health of the region, you’re stretching it out beyond what I was intending (although Akron is full of incredibly optimistic developments). I was referring to the fact that while the economy in Cleveland proper isn’t great, there does continue to be plenty of hum to the Independence, Westlake, Mentor and Beachwood corridors. If you could combine all that activity into one place, that would be a hell of a central city. It’s just that in the 21st century, those centers tend to be increasingly physically dispersed. In any event, I wish you and your family and colleagues a blessed Thanksgiving, Ed.