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• W770836656 abstract "IT'S ALL ABOUT LETTING GO. At Capitol Bancorp Ltd., from time to time bankers reach a point where their territory gets chopped. Someone else gets a chunk of it. And they are happy when this happens. If that doesn't make sense to you, then don't know Joe Reid his company, nor do his concept of being a development You aren't alone. It steams Reid that some Wall Street banking analysts don't get it, either. Every time I go to New York, somebody asks me, 'What's your exit strategy?' Generally I look at him say, 'Same as Microsoft's', says Reid, chairman CEO at the $4.1 billion-assets company. They wouldn't dare ask Microsoft that question. Why the hell do they ask me that question? We don't have an exit strategy. because Capitol Bancorp isn't about rollups. It isn't about bulking up. It is, refreshingly, about banking. There is no exit strategy because Reid has no plans to exit. Capitol Bancorp, Joe Reid, to the many people, present a contrarian face, even where Capitol's aims match those of typical banking companies, management's way of achieving those aims often differs from the norm. In some ways, Reid's model may be the elixir vitae that many smaller banks need to retain what is most important to them, about them, in a time when many institutions with less than $100 million in assets fear for their independent futures. Capitol Bancorp, with headquarters in Lansing, Mich., Phoenix, has built a sprawling collection of community banks. The map on page 34 gives an idea of where Capitol's strategy has taken it thus far, where it is heading. It currently has 51 banks (or loan production offices) in 14 states. In many cases the banks are clustered in around certain markets. Capitol affiliates handle credit decisions, local pricing, customer development, staffing, all the other issues on which successful implementation of a business plan hinge. The holding company provides support functions. No control freaks need apply At Capitol, you know that you've been successful when the amount of turf used to have has been reduced, says Reid. That's because we've had to bring somebody else in, to split the job up further. Many of our executives have had multi-task functions that have been reduced simply because of the size of their operation; because pieces of it needed more full-time focus. Reid's operation has regional presidents in each of its eight regions, except the Northeast, where it is looking for one. I've told our regional presidents that their success will be measured by the contraction of the geographical reach that each of them has, says Reid. Likewise, the more that the Capitol Bancorp clan grows, the more Reid expects to see the functional executives--the heads of Capitol's centralized risk management, accounting, compliance, similar services--bringing on more executives in their areas, giving up territory. Reid himself has been a practitioner of this letting-go philosophy as Capitol has grown. In its early days--the company was formed in 1988 in Lansing, Mich.--Reid would personally organize chair every new bank that Capitol started. I'd stay at each of those banks until they were profitable--typically 12-18 months, says Reid, 64, and then I would withdraw. Well, that went fine for some time. But, know, there's only so many new banks a year can bring on stream with that strategy, because there's only so much time in the day for me. So, a few years back, Reid began looking for seasoned senior bankers who had the contacts feel for their regional local markets to do what he had been doing. In their regions, they oversee existing Capitol banks, help establish, serve as chairman of, new Capitol banks. Essentially what I tried to do was clone myself, says Reid. …" @default.
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• W770836656 date "2007-05-01" @default.
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• W770836656 title "I'm Not the Contrarian: Joe Reid's De Novo Strategy Builds Banks around Talented Bankers, Keeps Them Small and Locally Focused, and Keeps More Coming. Capitol Bancorp Just Passed the 51-Bank Mark" @default.
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