Corporate apparel, coffee mugs and letterhead are the early signs of multibillion-dollar bank mergers for Lonnie Wooden.
Including now the PNC Corp. buyout of National City Bank.
“I’ve seen a few PNC logos on shirts,” said Wooden, who has operated a barbershop and styling business for 20 years beneath one of the city’s oldest banking corners on the Old Capitol Plaza.
He added that, in hindsight, he probably should have saved some of the corporate paraphernalia from, in turn, Illinois National Bank, First of America and National City. All have rotated into a three-story banking center 1 N. Old Capitol Plaza since 1989, the same year Wooden moved The Mane Station into the basement level of the center.
Wooden has made three stops downtown since entering the barbering business, beginning as an employee at a shop in the Hilton Springfield in 1977. He opened his first shop in the original Union Station — since restored — where he operated for 3 1/2 years before moving to the then-Illinois National Bank Center in 1989.
Naturally enough, overhead bankers and bank employees make for a ready customer base, and Wooden said he has noticed there seem to be fewer of each with each transition.
“All three floors were occupied at the time of Illinois National Bank, but a lot of them go out to smaller banks (after mergers). I feel like I’m a banker, I’ve seen so many of the changes,” said Wooden.
After First of American acquired the original Illinois National Bank in 1989, a local investor group picked up the INB brand for a new network of central Illinois banks.
Longtime Mane Station client Danny Knight was one of those who moved on to a community bank as a result of bank buyouts. He began work at the original Marine Bank (another brand later acquired by a local investment group), which was bought out by Bank One. Chase Bank, in turn, purchased Bank One.
“You just think, OK, I’m going to roll out of here to another bank,” said Knight, now a business services officer with Bank of Springfield. He works at a Wabash Avenue branch, but still goes downtown for his haircuts.
John Walthall of Springfield makes the trip from his job in the environmental division of the Illinois Department of Transportation on Dirksen Parkway.
“I started with him when he was at the Hilton, then I followed him to the train station (Union Station), and then here. Put it this way, he was cutting my brown hair and my brown beard,” said Walthall, referring to the fact both have now turned white.
Wooden said only once, during First of America ownership, was his lower-level space threatened by expansion.
“I had two employees at one time, but First of America wanted the space. I was lucky enough to keep a small spot,” said Wooden, who has worked alone since. There also was a travel agency, a tobacco shop and a men’s clothing store on the lower level in the early days.
Wooden said he has a couple of personal connections to the Springfield banking industry. His wife, Lynne, works for Chase Bank, and he has kept a business account with the successive upstairs banks, including now PNC.
He said he has received some materials from PNC about the transition from National City, but that he expects no problems based on previous transitions.
“It’s not a big deal anymore. They seem to have gotten it down to a science,” said Wooden.
Tim Landis can be reached at (217) 788-1536 or tim.landis@sj-r.com.
About PNC Financial Services Corp.
* Corporate headquarters: Pittsburgh
* Assets: $279.8 billion
* Employees: 58,000, including overseas operations
* Branches: 2,600 in 14 states and District of Columbia
Bank changes at 1 N. Old Capitol Plaza
* 1989: First of America acquires the original Illinois National Bank, which was founded in 1886. A local investment group picked up the INB brand and opened a new group of banks in 1999.
* 1998: National City Corp. acquires First of America.
* 2008: PNC acquires National City.
What next?
A spokesman for PNC Corp. said Tuesday the transition to the PNC brand from National City should be completed in June 2010 for Illinois.
“It’s when the National City brand will no longer be seen in the market. We will send information to customers on what changes will be coming,” said Stan Lata.
The company is operating in the interim as “National City, now a part of PNC.” Lata said customers need not take any action to complete the transition, “but as we approach the change, we’ll send them a reminder notice.”
National City has seven branch banks in Springfield.
-- Tim Landis
