Banking Career
Having worked at their father's bank during their youth, Butcher and his younger brother C.H. Butcher, Jr. began buying stock in numerous Tennessee banks starting in 1968. By 1974, the Butcher brothers owned or controlled eight banks, and Jake Butcher's United American Bank controlled 39% of the banking reserves in Knoxville, Tennessee. By 1982, UAB was responsible for over 50% of Knoxville's business loans and Butcher's personal net worth was declared to be about $34 million. In the late 1970s, United American Bank built its 27-story headquarters, the Plaza Tower, which remains Knoxville's tallest building. In the early 1980s, C. H. Butcher's City and County Bank began building the Riverview Tower, which remains the city's second-tallest building.
Read more about this topic: Jake Butcher
Famous quotes containing the words banking and/or career:
“One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.”
—William Howard Taft (1857–1930)
“What exacerbates the strain in the working class is the absence of money to pay for services they need, economic insecurity, poor daycare, and lack of dignity and boredom in each partner’s job. What exacerbates it in upper-middle class is the instability of paid help and the enormous demands of the career system in which both partners become willing believers. But the tug between traditional and egalitarian models of marriage runs from top to bottom of the class ladder.”
—Arlie Hochschild (20th century)