The chairman, president, and chief executive officer at San Diego's Bank of Commerce may soon be seeking another title: mayor.
Peter Q. Davis, who has headed the bank since 1977, said this week that he is considering a campaign next year for San Diego's top political post. A native of the city and chairman of its downtown economic development corporation for the last six years, Mr. Davis said this may be the time for a businessman-not a politician-to take charge of California's second- largest city.
"Even in these wonderful economic times, this city with a $1.7 billion budget still runs at a deficit," said Mr. Davis, 58. "Maybe the citizens of this city need it to be run like a business."
The primary election will be held in March 2000. Mr. Davis, a Republican, said, "if I'm going to be a viable candidate," a decision on running would have to be made by midyear.
What impact a mayoral bid would have on $700 million-asset Bank of Commerce is unclear. As a candidate, Mr. Davis would likely have to take a leave of absence from the bank, find a successor, or even put it up for sale. Indeed, he already is fielding calls from stock analysts asking whether the bank is on the market.
Hans Schroeder, an analyst at Hoefer & Arnett in San Francisco, said Bank of Commerce would attract buyers. Founded in 1975, it has evolved into one of the nation's leading originators of Small Business Administration loans, with offices in 11 states.
"It would be a good platform for any bank that is looking to take its SBA strategy nationwide," said Mr. Schroeder.
Mr. Davis' potential candidacy has been rumored since last fall when San Diego voters approved a bond issue to build a downtown stadium for the San Diego Padres baseball club. Though Mr. Davis has been involved in downtown redevelopment for 20 years-overseeing such projects as a convention center and revitalization of the famed Gaslamp District-his support for the stadium bond issue raised his profile significantly.
Money, at this point, appears to be no object. Mr. Davis said he would be willing to finance his own campaign, the cost of which has been estimated at $700,000.
Still it's no sure thing that Mr. Davis' name will appear on the ballot in 2000. Though he's always hinted at an interest in a second career in public service, Mr. Davis said he's still not sure he's ready to end his first one. Also, he acknowledged that his family is somewhat uneasy about being thrust into the public eye.
Finally, there's the job itself. In San Diego's form of government, day- to-day operations are run by a city manager. Mr. Davis said that structure would have to be changed for him to be an effective mayor.
"A mayor should do more than just attend ribbon-cuttings," he said.
