Sunday, May 09, 1999
TIPOFF
Huntington insists it's 'single' to stay
Call it Huntington's Believe It or Not, but strong rumors of being acquired are not a distraction around water coolers at the Columbus-based bank — despite what Wall Street thinks.
Huntington, a bank with $29 billion in assets, 28 branches and 430 employees in Greater Cincinnati, said it has a very defined road map for how it plans to remain independent — and, well, thanks for asking.
Huntington has long been considered a takeover candidate by Wall Street, and that view was greatly elevated with Firstar Corp.'s $10 billion proposal last week to buy Mercantile Bancorporation Inc.
Firstar's buy of St. Louis-based Mercantile raised more rhetoric among bank analysts that Cincinnati's Fifth Third Bancorp might soon make a bid for Huntington.
A bank exec in Columbus said the view among some Huntington employees is that jobs might be axed in such a merger, since Fifth Third is one of the industry's top cost-cutters.
But such talk to folks at Huntington is like an adventure at Disney: It's interesting a few times, and then becomes boring.
“We've been on someone's married list several times before, but remained single by choice,” said Hillary Jeffers, Huntington's spokeswoman. — Jeff McKinney
Questrom back in retail
You know how it is in fashion — what was old is new again. Just because some retail style, or some retail executive, is out of the picture, doesn't mean the thought will stick.
Witness the return of former Federated CEO Allen Questrom to retail.
Last week, the glitzy and newly solvent Barneys New York said Mr. Questrom would become its new CEO. Barneys is a sexy story, but few expected Mr. Questrom would return to the fashion ring. The executive himself, in an in-house Federated newsletter published in 1997, said he seriously doubted that he'd return to retail.
But Barneys is probably a challenge that Mr. Questrom relishes. It emerged from bankruptcy five months ago. It filed for Chapter 11 protection three years ago, after a dispute with a Tokyo retailer that invested $600 million in Barneys' three biggest stores.
Mr. Questrom is credited with guiding Federated out of bankruptcy in 1992 and then helping supervise the buyout of R.H. Macy & Co. and then Broadway Stores.
When Mr. Questrom left Federated, some thought he might go into politics. Maybe the Barneys challenge is more palatable. — Lisa Biank Fasig
Stewart's Root Beer is 75
Whether you're into making hidden treasures, kickin' brown cows or seeking the definitive root beer float, chances are you're a fan of Stewart's Root Beer.
The root beer that made Stewart's Drive-Ins popular and famous is celebrating its 75th birthday. In 1924, Frank Stewart of Mansfield, Ohio, made the beverage from a blend of secret herbs and roots and later sold them through his drive-ins, where he served ice-cold Stewart's Root Beer in tall, frosty mugs.
Today, Stewart's is part of Denver-based Cable Car Beverage Corp., which is part of Triarc Cos. Inc., owner of the Snapple, Mistic and RC Cola brands. Stewart's comes in 11 flavors and bills itself as “hip-hoppin' and still rockin' at 75.” — Amy Higgins
Bank signs show new era
Two of the largest banks in downtown Cincinnati are changing the signs that help shape the view of the Queen City's skyline.
For Provident, the patriotic-looking signage shows how the bank is jazzing up its locally owned nameplate and being more aggressive to win customers — shedding its image of being the city's laid-back bank.
For Firstar, the sign change represents how the former Star Bank is trying to show its commitment to the Queen City — though it adopted the Milwaukee-based bank's name and moved its headquarters there.
Amid those changes, the sign at Fifth Third remains the same after getting a face lift a year ago.
Observers say the changes are significant in many ways. Beyond just appearance, they also show how the banking landscape in Greater Cincinnati will never be the same. — Jeff McKinney
Items for Tipsheet are gathered by Enquirer business reporters and compiled by Lisa Biank Fasig of the business staff.
Race for money
Lazarus leader serious about customer service
Cincinnati Bell avoids strike
TIPOFF
Immelt may be GE's CEO in waiting
Need led to financial successes
Taking paper out of paperwork
SMALL-BUSINESS DIARY
PRICIEST HOMES
