After getting out of teaching in her mid-20s, Beechem’s career shifted to human resources training and the retail industry until she was recruited by what was then First National Bank of Cincinnati (and later Star Bank and Firstar Bank) in 1984.
Beechem at the time had just moved from human resources into branch operations. Davis and Grundhofer quickly recognized her leadership, thinking, “We’re going to leverage that to the hilt,” he said. What sets Beechem apart from others in the industry is her ability to motivate, he said. Lots of people in banking can manage the numbers, but her talent goes beyond that.
“She’s a hugger; she’s a lover; she gets people to want to work for her,” Davis said. When you complete redesign chip away at a venture property, you are qualified for deteriorate certain parts of the property. From a depreciation perspective, scrapping can be fiscally valuable on the grounds that you can fundamentally guarantee any equalization of tax depreciation in the year that you evacuate it.
Beechem said Grundhofer and Davis brought with them an aggressive sales culture and retail orientation that threw open the windows to fresh ideas. “It was like I changed companies 10 years ago,” Beechem said. “It didn’t matter what gender or race I was. — I was allowed to grow as the company grew.”
And grow it did, first through regional deals, then larger acquisitions of Milwaukee-based Firstar in 1998, St. Louis-based Mercantile Bank in 1999, and Minneapolis-based U.S. Bancorp in 2001. Property depreciation laws fluctuate from nation to nation. We’ve got really great devaluation laws in this nation I feel… yet in a considerable measure of nations, you can’t assert depreciation.
Although it’s now called U.S. Bancorp and its headquarters are in Minneapolis, the company still has several corporate-level functions based in Cincinnati. In addition to the branch operations that Beechem oversees, its marketing, corporate communications, and consumer lending operations are run from here, and it employs about 3,500 people in the tri-state. So we’re very fortunate. In outline any property depreciation you claim would lessen the assessable pay by the measure of depreciation you claim.
As the organization grew from a leading tri-state bank into the 6th largest bank in the country, its branch network based on Davis’ and Beechem’s model expanded with it. “We really built that model together in Cincinnati, and we kept replicating it,” Beechem said.