Ex-Citi Exec Named To Head Banc One's Western Operations

A former Citicorp executive who sold the company's Arizona franchise just two years ago and then quit banking has been tapped to lead Banc One Corp.'s operations in the state.

R. Michael Welborn, who left the banking industry in 1993 after selling Citicorp's Arizona bank to Norwest Corp., will replace retiring 63-year-old Robert F.B. Logan on Jan. 1.

Just two years ago, Mr. Welborn, now 44, said he wanted to explore a profession outside the banking industry.

In an interview last week, Mr. Welborn said he disagreed with Citicorp's decision to sell the bank he ran from 1988 to 1993. As a result, he became a co-partner of the Venture West Group Inc., a merchant banking firm based in Phoenix.

Having steered the Citicorp unit through rough waters during a bottoming out of the real estate market in the late 1980s, Mr. Welborn said he realized it was time to leave. The man he replaces at Bank One Arizona, Mr. Logan, also guided his former bank, Valley National, through a tough time. Bank One acquired Valley National in 1993.

Mr. Welborn, who will also oversee Banc One's other western division banks in Colorado and Utah, will return to a much healthier banking climate and will head the largest bank in Arizona. "I used to be in more of a fix- it and restructuring role," said Mr. Welborn, referring to his Citicorp experience.

Bank One Arizona has $12.8 billion in assets and 215 locations. The Colorado and Utah banks are considerably smaller, with $3 billion and $1 billion in assets, respectively. But Mr. Welborn described all three markets as growing.

Mr. Welborn said his first priority will be attracting more commercial lending, particularly in Arizona. An 18-year veteran of the banking industry, Mr. Welborn said he agrees with the new direction of Columbus, Ohio-based Banc One Corp., which, after years of running a decentralized operation, has moved toward a centralized strategy.

Analysts say it is still fairly uncommon for a bank company to bring in an outsider to head a major subsidiary.

"You don't see a lot of that in banking," said Ben Crabtree, an analyst with Dain Bosworth Inc. in Minneapolis. "You see a lot more of that in other industries."

However, a Bank One spokesman based in Arizona said his company recruited Mr. Welborn because of his knowledge of the Arizona market. "He's very well respected in the Arizona marketplace," said Steve Roman, the bank spokesman.

Mr. Welborn will now be competing with some of his former colleagues at Norwest's Arizona subsidiary, the fourth-largest bank in the state, with about $4 billion in assets.

Mr. Welborn, who had been in charge of Citicorp's western region in San Francisco prior to heading up its Arizona bank, was offered other Citicorp jobs following the unit's sale to Norwest. Though he didn't agree with Citicorp's decision to sell, he said he didn't quit out of bitterness over the deal.

"We're all big boys and we know that's what you have to do in an industry that's consolidating," Mr. Welborn said.

Banc One Corp. has $88.4 billion in assets.

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