The failure of Colonial Bank was caused by management’s inferiority complex in regards to other Alabama banks. This shocking revelation was discussed today on Fox 6’s Good Day Alabama. According to a discussion with a Birmingham Business Journal reporter, Colonial â€œwas considered an underdog compared to Regions Bank and Compass Bank and Amsouth Bank.â€ This underdog mentality encouraged management to expand. And expand. And expand. According to the BBJ’s Crystal Jarvis, this led to over-leverage, and the bank’s eventual collapse.
Compare many of the things said in this interview with Auburn. The same people leading Colonial led Auburn and its football program. The underdog mentality led the university to fire a proven Tommy Tuberville and hire an unproven head coach. The new staff demonstrated its underdog mentality with recruiting gimmick after recruiting gimmick. Then the new staff has EXPANDED its recruiting coverage into other states much like Colonial expanded its footprint. And it looks to be working about as well for Auburn as it did for Colonial. How does that offensive line recruiting list look right now? How long until Auburn implodes like Colonial? Or has it already started?
(note: I tried to embed the Fox 6 video, but the player wouldn’t show on the page. Here is the link to the video.)