Honorable Mentions - Western: Edward M. Carson, First Interstate Bancorp.

Last year, Edward M. Carson's turnaround plan paid off at First Interstate Bancorp. Along the way, the Los Angeles bank company and its 64 year-old chief finally won a little respect.

Led by dramatic improvements in capital, credit, and efficiency, operating earnings are up sharply. Despite a punishing recession in its home market, the company recorded a 1.11% return on assets for the period.

Hardly anyone expected such a result when the gangly, softspoken Mr. Carson - a 39-year First Interstate veteran in the twilight of his career took the place of forceful chairman and CEO, Joseph J. Pinola.

Crippled by loan problems and a sprawling, loosely controlled banking empire, First Interstate seemed ripe for a takeover. Mr. Carson was written of as a caretaker. But he overhauled the company's culture and focused it on its western retail and middle market franchises.

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