Jacob Franklin Butcher
May 8, 1936
Union County, Tennessee, U.S.
|Died||July 19, 2017 81) (aged|
Atlanta, Georgia, U.S.
|Education||Horace Maynard High School|
|Alma mater|| University of Tennessee |
|Occupation||former banker and politician|
|Known for||bank fraud|
|Board member of||Greater Knoxville Chamber of Commerce, East Tennessee Heart Association, Holston Conference of the United Methodist Church|
|Parent(s)||Cecil Hilque Butcher Sr.|
Jacob Franklin Butcher (May 8, 1936 – July 19, 2017) was an American banker and politician. He built a financial empire in East Tennessee, was the Democratic Party nominee for governor of Tennessee in 1978. He was also the primary promoter of the 1982 World's Fair in Knoxville, Tennessee, and lost his business and his personal fortune after he was found to have engaged in bank fraud.
East Tennessee comprises approximately the eastern third of the U.S. state of Tennessee, one of the three Grand Divisions of Tennessee defined in state law. East Tennessee consists of 33 counties, 30 located within the Eastern Time Zone and three counties in the Central Time Zone, namely Bledsoe, Cumberland, and Marion. East Tennessee is entirely located within the Appalachian Mountains, although the landforms range from densely forested 6,000-foot (1,800 m) mountains to broad river valleys. The region contains the major cities of Knoxville, Chattanooga, and Johnson City, Tennessee's third, fourth, and ninth largest cities, respectively.
The Governor of Tennessee is the head of government of the U.S. state of Tennessee. The governor is the only official in Tennessee state government who is directly elected by the voters of the entire state.
The 1978 Tennessee gubernatorial election was held on November 7, 1978. Republican nominee Lamar Alexander defeated Democratic nominee Jake Butcher with 55.84% of the vote.
Butcher was born in the rural town of Maynardville Union County, Tennessee. His father, Cecil H. Butcher Sr., was a general store manager and bank president in Union County. After attending the University of Tennessee and Hiwassee College, Jake Butcher served in the United States Marine Corps.
Union County is a county located in the U.S. state of Tennessee. As of the 2010 census, the population was 19,109. Its county seat is Maynardville.
A general merchant store is a rural or small town store that carries a general line of merchandise. It carries a broad selection of merchandise, sometimes in a small space, where people from the town and surrounding rural areas come to purchase all their general goods. The store carries routine stock and obtains special orders from warehouses. It differs from a convenience store or corner shop in that it will be the main shop for the community rather than a convenient supplement.
The University of Tennessee is a public research university in Knoxville, Tennessee. Founded in 1794, two years before Tennessee became the 16th state, it is the flagship campus of the University of Tennessee system, with ten undergraduate colleges and eleven graduate colleges. It hosts almost 28,000 students from all 50 states and more than 100 foreign countries. In its 2019 universities ranking, U.S. News & World Report ranked UT 115th among all national universities and 52nd among public institutions of higher learning. Seven of its alumni have been selected as Rhodes Scholars. James M. Buchanan, M.S. '41, received the 1986 Nobel Prize in Economics. UT's ties to nearby Oak Ridge National Laboratory, established under UT President Andrew Holt and continued under the UT–Battelle partnership, allow for considerable research opportunities for faculty and students.
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.
Knoxville is a city in the U.S. state of Tennessee, and the county seat of Knox County. As of the 2010 census, the city has a population of 178,874, and is Tennessee's third largest city after Nashville and Memphis. Knoxville is the principal city of the Knoxville Metropolitan Statistical Area, which was 868,546 in 2015.
Net worth is the value of all the non-financial and financial assets owned by an institutional unit or sector minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net worth can also be conveniently expressed as non-financial assets plus net financial assets. Net worth can apply to companies, individuals, governments or economic sectors such as the sector of financial corporations or to entire countries.
The First Tennessee Plaza, or Plaza Tower, is an office high-rise located at 800 Gay Street in Knoxville, Tennessee, United States. Completed in 1978, the 27-story structure is Knoxville's tallest building, as well as the tallest building in Tennessee outside of Nashville and Memphis, and an iconic part of the city's skyline. The building was originally known as the United American Plaza, with its current name being adopted in 1995 to reflect its anchor tenant, First Tennessee.
By the early 1970s, Jake Butcher became a topic of discussion in Tennessee political circles. In 1974, he sought the Democratic Party nomination for Governor of Tennessee, but he lost to Ray Blanton in the primary. After a bitter contest, Butcher earned the nomination in 1978, beating out former Nashville mayor Richard Fulton and newcomer Bob Clement. Butcher lost the general election later that year to Republican Lamar Alexander.
Leonard Ray Blanton was an American businessman and politician who served as Governor of Tennessee from 1975 to 1979. He also served three terms in the U.S. House of Representatives, from 1967 to 1973. Though he initiated a number of government reforms and was instrumental in bringing foreign investment to Tennessee, his term as governor was marred by scandal, namely over the selling of pardons and liquor licenses.
Primary elections or often just primaries, are the process by which voters can indicate their preference for their party's candidate, or a candidate in general, in an upcoming general election, local election, or by-election, with the goal of narrowing the field of candidates. Depending on the country and administrative divisions within the country, voters might consist of the general public in what is called an open primary, or the members of a political party in what is called a closed primary. In addition to these, there are other variants on primaries that are used by many countries holding elections throughout the world.
Nashville is the capital and most populous city of the U.S. state of Tennessee. The city is the county seat of Davidson County and is located on the Cumberland River. The city's population ranks 24th in the U.S. According to 2018 estimates from the U.S. Census Bureau, the total consolidated city-county population stood at 692,587. The "balance" population, which excludes semi-independent municipalities within Davidson County, was 669,053 in 2018.
Rumors circulated that Butcher would make another run for the governorship in 1982. However, he supported Knoxville Mayor Randy Tyree, who defeated State Senator Anna Belle Clement O'Brien for the Democratic nomination. The Knoxville Journal reported that Jake's brother C.H. supported Tyree's Republican opponent, sitting Governor Lamar Alexander.[ citation needed ] Governor Alexander won re-election handily.
Randell "Randy" Tyree is a Tennessee politician who served as mayor of Knoxville from 1976 to 1983 and was the Democratic candidate for Governor in 1982.
Anna Belle Clement O'Brien was a Tennessee politician, nicknamed "the first lady of Tennessee politics." She served as the governor's chief of staff from 1963 to 1967, was a member of the Tennessee House of Representatives in the 89th General Assembly, from 1975 to 1977, and a Tennessee State Senator in the 90th to 96th General Assemblies, from 1977 to 1991. While she was not the first woman ever to be in the Tennessee Senate, she was the first woman ever to be a chairman of a committee. Senator Mildred Jolly Lashlee was Chair of the Public Utilities Committee 1945-1947 which was absorbed into Energy & Natural Resources Committee during Senator O'Brien's tenure. During her 22 years in the General Assembly, she was the chairperson for three committees: Education, Transportation, and the Democratic Caucus.
During that same year, the 1982 World's Fair opened in Knoxville, which Butcher and a group of fellow Knoxville business leaders had helped to attract. The fair was widely considered a success and brought in more than 11 million people over its six-month run. The World's Fair site is still in use today as a municipal park in downtown Knoxville. Adjacent to the main campus of the University of Tennessee, some of the World's Fair attractions are still standing and have been rehabilitated.
The 1982 World's Fair, formally known as the Knoxville International Energy Exposition, was held in Knoxville, Tennessee, United States. The specialized Expo themed "Energy Turns the World", was recognized by the Bureau International des Expositions (BIE).
Also in 1982, there were rumors about Butcher's banking practices. Knoxville federal and state bank investigators had long suspected that Butcher was engaged in unlawful banking practices. On November 1, 1982, 180 federal bank regulators from the Federal Deposit Insurance Corporation simultaneously raided all of the Butcher brothers' 29 bank branches and offices, thereby preventing transfers of funds to cover their tracks.Bank records ultimately led investigators on a paper trail of illegal loans, forged documents and various other forms of fraud. The United American Bank collapsed on 14 February 1983. It was the fourth-largest bank failure in US history up to that time. Seven other Butcher-controlled banks and the Southern Industrial Banking Corporation, a state licensed loan and thrift company run by C.H. Butcher, also became insolvent during the rest of 1983, and an additional three banks in 1984. The FDIC estimated that its losses in connection with the failed Butcher brother banks would total approximately $382.6 million. Later that year, it was learned that Butcher was also insolvent; his assets were listed at $11.9 million and his liabilities at $32.5 million.
Butcher pleaded guilty to federal charges of bank fraud in 1985 and was given a 20-year prison term. He was paroled in 1992, and resided in the Atlanta suburb of Canton, Georgia.He reportedly worked for a Toyota distributor and as a real estate developer. His assets were auctioned off to satisfy his creditors.
His brother C. H. Butcher Jr.,who also was sent to state prison for state securities fraud, was paroled in 1993 and died in 2002.
Butcher married the actress Sonya Wilde in 1962.They had four children.
Butcher died on July 19, 2017 at the age of 81.
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the National Credit Union Administration, which regulates and insures credit unions. The FDIC is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions. The FDIC was created by the 1933 Banking Act, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this was increased several times over the years. Since the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2011, the FDIC insures deposits in member banks up to US$250,000 per ownership category.
The Tennessee Theatre is a movie palace in downtown Knoxville, Tennessee. The theater was built in 1928 in the 1908 Burwell Building, considered Knoxville's first skyscraper. The theater and Burwell Building were added to the National Register of Historic Places in 1982, and the theater was extensively restored in the early 2000s. The Tennessee Theatre currently focuses on hosting performing arts events and classic films, and is home to the Knoxville Opera and the Knoxville Symphony Orchestra. The theater is managed by AC Entertainment.
The savings and loan crisis of the 1980s and 1990s was the failure of 1,043 out of the 3,234 savings and loan associations in the United States from 1986 to 1995: the Federal Savings and Loan Insurance Corporation (FSLIC) closed or otherwise resolved 296 institutions from 1986 to 1989 and the Resolution Trust Corporation (RTC) closed or otherwise resolved 747 institutions from 1989 to 1995.
Harold Eugene Ford Sr. is an American politician and Democratic former member of the United States House of Representatives representing the Memphis, Tennessee area for 11 terms—from 1975 until his retirement in 1997. He was the first African-American to represent Tennessee in the U.S. Congress. He is a member of the Ford political family from Memphis.
William Edward Haslam is an American businessman and politician who served as the 49th Governor of Tennessee from 2011 to 2019. He is a member of the Republican Party, he was previously the mayor of Knoxville, Tennessee.
Regions Financial Corporation is a bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates 1,952 automated teller machines and 1,454 branches in 15 states in the Southern United States and Midwestern United States.
Kyle Copenhaver Testerman was mayor of Knoxville, Tennessee from 1972 to 1975, and again from 1984 to 1987. Testerman was a Republican.
The National Conservation Exposition was an exposition held in Knoxville, Tennessee, United States, between September 1, 1913 and November 1, 1913. The exposition celebrated the cause of bringing national attention to conservation activities, especially in the Southeastern United States. The fair was held in what is now Knoxville's Chilhowee Park in East Knoxville.
Downtown Knoxville is the downtown area of Knoxville, Tennessee, USA. It contains the city's central business district and primary city and county municipal offices. It is also home to several retail establishments, residential buildings, and the city's convention center. The downtown area contains the oldest parts of Knoxville, and is home to the city's oldest buildings.
The Riverview Tower is an office high-rise located at 900 Gay Street in Knoxville, Tennessee, United States. Completed in 1985, the 24-story structure is Knoxville's second-tallest building, and along with its sister building, the First Tennessee Plaza, anchors Knoxville's downtown office market. Since 2003, BB&T has been the building's primary tenant.
The Mechanics' Bank and Trust Company Building is an office building located at 612 South Gay Street in Knoxville, Tennessee, United States. Built in 1907 for the Mechanics' Bank and Trust Company, the building now houses offices for several law firms and financial agencies. The building's facade was constructed with locally quarried marble, and is designed in the Second Renaissance Revival style. In 1983, the building was added to the National Register of Historic Places for its architectural significance.
The Holston is a condominium high-rise located at 531 South Gay Street in Knoxville, Tennessee, United States. Completed in 1913 as the headquarters for the Holston National Bank, the fourteen-story building was the tallest in Knoxville until the construction in the late 1920s of the Andrew Johnson Hotel, located a few blocks away. The Holston was designed by architect John Kevan Peebles, and today represents the city's only Neoclassical Revival-style high-rise. In 1979, the building was added to the National Register of Historic Places for its architecture and its prominent position in the Knoxville skyline.
Gay Street is a street in Knoxville, Tennessee, United States, that traverses the heart of the city's downtown area. Since its development in the 1790s, Gay Street has served as the city's principal financial and commercial thoroughfare, and has played a primary role in the city's historical and cultural development. The street contains Knoxville's largest office buildings and oldest commercial structures. Several buildings on Gay Street have been listed on the National Register of Historic Places.
The following is a timeline of the history of the city of Knoxville, Knox County, Tennessee, USA.
Sonya Wilde is an American former actress, best known for her starring role in the 1960 film, I Passed for White. She started her career as Maria on Broadway with the original cast.