Friday, January 22, 2010

R.I.P. Barnes Bank

This is my great-great-great grandfather, John R. Barnes.

He started Barnes Bank 118 years ago in Kaysville, Utah.

At it's height, it was one of the most respected and fastest-growing banks in the region.

My grandfather worked there his entire life. He even authored a biography of John R. Barnes and the establishment of the bank.

But a week ago Barnes Bank was seized by Federal regulators and closed.

The economy is an easy out. (If the economy were entirely to blame, several other local banks would have shuttered long before Barnes.) I believe it was mismanagement, exuberance, nepotism and opaque communication from the board of directors. The failure of Barnes Bank follows Jim Collins' outline of "Why the Mighty Fall" to a T.

Our family lost a lot of money. But the wrenching part is feeling we lost a legacy.

(This has nothing to do with advertising or Switzerland. Just had to get it out of my system.)

1 comment:

Cari said...

My great, great grandpa started Central Bank in Utah County.I have a picture of the original bank in my office. I feel your loss of the legacy of Barnes Bank. But I still wish I was on your list of "Very Smart People." Maybe you could have a list of "People I Know Who are Married to Smart People."