Charlotte notches another win over Atlanta in bank wars

Back in 1994, when college basketball’s Final Four tournament came to Charlotte, N.C., pop-up restaurants and bars were set up downtown, former Mayor Pro Tem Lynn Wheeler said. Vacant buildings were temporarily fronted by cardboard facades, almost like a movie set. The city wanted to give a sense of hustle and bustle, she recalled. There’s no longer any need for that, largely thanks to the city’s ever-growing banking industry. And Charlotte’s gain is Atlanta’s loss. Thursday’s announcement that Georgia’s largest bank, SunTrust, is consolidating with BB&T and moving its headquarters to Charlotte marked just the latest in a series of Atlanta banks poached. Over the years, C&S, First Atlanta, Bank South Corp. and First Railroad and Banking Co. were all bought by bigger rivals and moved northeast to the Queen City.

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Author: Matthew Randle