Thomas Hoaglin was upbeat at a June 1989 press conference unveiling Banc One Corp.'s purchase of the 20 failed MBanks.
The executive, who was to become president and chief operating officer of the franchise, said he was "thrilled" and declared Banc One eager to work with MCorp officers and incorporate their ideas.
Three years later, however, Mr. Hoaglin acknowledges that reviving the former MCorp franchise is taking longer than Banc One expected. Although the Texas unit is meeting financial goals, he says, its managers have been less than fully cooperative in adopting Banc One's operating style.
Learning a Lesson
"We assumed the organization would have an understanding that when certain problems were identified, people would take action," he said. "But you can't take for granted that your own values and priorities will be shared. It's a lesson learned."
Mr. Hoaglin, 43, will soon leave Texas to become chairman and chief executive of Banc One Ohio Corp., the largest banking subsidiary of Columbus, Ohio-based Banc One.
His candor about difficulties in Texas marks a change in stance for the company, whose top officers had earlier said that