This is only further evidence that Gillespie was only able to manage his small Cleveland bank with a presence that stretched all the way to Toledo. He was truly out of his league when he took the helm of the Old Key with it's coast to coast operations. He quickly gutted the Old Key franchise that had leading (and very profitable) market positions in hundreds of communities across the northern tier of the country. He wasted big growth opportunites in Seattle, Denver, Long Island and shuttered traditional cash-cow operations by exiting markets that he considered "too rural."All Gillespie could engineer was hot air to analysts about numerous "Key" initiatives that never resulted in anything but a lot of wasted time.I have heard that over 90% of the Old Key management left in frustration and/or disgust as Gilespie and his band of yes-men tried to figure out how to run a bank in Seattle from their Cleveland offices.Sell now! Key is even too sick for the big buy-out that every shareholder has been waiting (years) for.
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