Meeting |
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Report |
Meeting |
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Report |
December 5, 2000 |
| Click here for photos of this Meeting | |
| President Don
opened this week's meeting with his usual good humor and let us know that we had a lot to
cover. Mark Norman, accompanied by Thomas Moore, introduced a number of
visiting Rotarians and guests. Fred Lowrance's Health and Happiness presentation considered "Things Learned from Others" based on his recent trip to China. Fred, his wife and other members of their group observed three important characteristics of the people that they saw during their trip: the importance of family (particularly respect for their elders), the importance of friends and the importance of simple things. The one thing that was missing was the presence of God. Fred stressed the importance of being thankful to our God for the many gifts we each have received. He referred to Abraham Lincoln's 1863 Thanksgiving Declaration that considered the blessings enjoyed by our nation but questioned our thankfulness. Fred encouraged us to indeed be thankful for all that we have received. A very inspirational Health and Happiness, particularly at this time of the year. Ed Ellis continued the holiday theme by leading us in the singing of "Jingle Bells." He also encouraged us to get some Christmas shopping done. Several members were heard to question the need for shopping so early — after all, it's not Christmas Eve! Winslon Kelley followed with the invocation. Rotary Foundation Chair Don Haack introduced two current Paul Harris Fellows who have reached the second level of giving as well as two new Fellows. Ned Fox dedicated his fellowship to Jim Barnhardt in recognition of his many charitable activities. Herb Harriss dedicated his fellowship to his wife, Karen. Bob and Robert Freeman were recognized as the Club's first father-and-son Paul Harris Fellows to be awarded fellowships at the same time. Both Don Haack and President Don recognized the level of support to the Rotary Foundation shown by Charlotte Rotary and encouraged anyone who is not a sustaining member to become one. It was a great day for new members and Paul Harris Fellows. Two new members were added to our ranks: Cynthia Marshall was introduced by Cindy Johnston as was John Shell by Julian Aldridge. After several announcements and introduction of the head table. President Don called on past president Worth Williamson to introduce our speaker, Cecil W. Sewell, Jr., CEO of Centura Bank. Worth said that he and Cecil have been friends for many years, sharing experiences that go back to their days at Chapel Hill. Cecil has a long association with the banking industry and is actively involved in many professional, charitable and civic activities. Cecil recognized that it was unusual for him to be in Charlotte to discuss banking with all the banks and bankers that are here. His view on banking over the last 12 to 18 months was expressed in three points:
Cecil stated that the industry was still in a period of evolution and that there arc some problems. Missed earnings was the one major area identified. Wall Street has not been kind to bank stocks. Cecil feels that earnings projections were not correct and that the expected results from the mergers and acquisitions that have occurred have not been realized. He discussed the shortfall in these two areas: 1. Secular — those items not specific to a particular financial institution. Total assets held by individuals have increased by 10%, while bank holdings have not increased as much. He used a comparison of bank time deposits vs. mutual funds to show the substantial increases that have occurred in mutual funds. Cecil also discussed the change that has occurred in financial asset holdings with a substantial decrease in services such as transaction accounts and certificates of deposit. Banks have gotten into new lines such as mutual funds and retirement accounts. In addition, they are seeing substantial increases in productivity as a result of technology. However, the customer wants access to not only the high-tech services such as ATMs and computer banking, but also the branch bank. 2. Cyclical — Cecil summed it up by saying, "nothing goes up all the time." The Federal Reserve is interested in seeing a slowing of the economy. Federal activities cause an increase in the cost of funds and there is a corresponding reduction in return. There has been a change in the economy with many of the dot-corn stocks becoming dot-bombs. Cecil closed by saying that although he sees a slowing of the economy, he also believes that there is a great future for financial services.In response to questions, Cecil addressed bank stock prices by saying that the system will adjust the price to a proper level. In response to a question about credit quality, he stated that there are some problems in the industry, but he did not think it would be a major problem area. President Don thanked Cecil for a very informative presentation and adjourned the meeting. * * * |
New Member
Joined 2000 Apartment Development Marsh Associates, Inc. Jamie grew up in eastern North Carolina. He attended the University of North Carolina at Chapel Hill, graduating in 1990 with a B.S. in Business Administration and a Masters in Accounting. He moved to Charlotte in 1990 to join the accounting firm Coopers & Lybrand. Jamie is married to Hunter Johnston, a Charlotte native. They have three children: Bess, 4, and twins Molly and Jack, 1. They are members of Myers Park Presbyterian Church. Jamie enjoys playing golf and spending time with his family. Welcome to Charlotte Rotary, Jamie. * * * POWELL'S
Danny Fontana has returned as a co-host in WBT's Morning Show. Rick Jackson expressed his pleasure at having Danny back. * * * |
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Revised: January 24, 2008.
