Only Hugh McColl would have the nerve to call mergers and acquisitions the "old paradigm" and then turn around two months later and agree to buy a $41 billion-asset banking company.

But that's exactly what Mr. McColl, the tough-talking chairman of NationsBank Corp., did this year when he shook up the industry by agreeing to pay $9.6 billion - a whopping 2.6 times book value - for St. Louis-based Boatmen's Bancshares.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.