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.
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