Joseph Rice, Bank Chief Who Fought Hostile Takeover, Dies at 93
- 6 years ago
Joseph Rice, Bank Chief Who Fought Hostile Takeover, Dies at 93
Rice, who, as the head of a New York bank in the 1980s, played a leading role in a corporate battle
that shook up an industry that had mostly avoided such fights, died on Jan. 8 at his home in New Paltz, N. Y.
Joseph Rice was the chairman and chief executive of the Irving Bank Corporation in 1987 when a regional rival, the Bank of
New York, made a hostile takeover offer, a startling move in an industry known at the time for its genteel business codes.
“When you consider the roots of Irving Trust, going back to the 19th century — to be the last guy presiding over a bank with
that kind of history was quite sad for him,” Philip Rice said.
Joseph Albert Rice was born in Cranford, N. J., on Oct. 11, 1924, to Louis Rice, a teacher, and the former Elizabeth Michael.
He earned a bachelor’s degree from Rensselaer Polytechnic Institute, in Troy, N. Y., in 1948
and two master’s degrees, in industrial engineering and government, from New York University
The corporate fight took a personal toll on Mr. Rice, who retired after the acquisition, his son Philip said.
Irving Bank’s board agreed to sell in 1988, striking a deal that made Bank of New York the nation’s 12th-largest bank.
Rice, who, as the head of a New York bank in the 1980s, played a leading role in a corporate battle
that shook up an industry that had mostly avoided such fights, died on Jan. 8 at his home in New Paltz, N. Y.
Joseph Rice was the chairman and chief executive of the Irving Bank Corporation in 1987 when a regional rival, the Bank of
New York, made a hostile takeover offer, a startling move in an industry known at the time for its genteel business codes.
“When you consider the roots of Irving Trust, going back to the 19th century — to be the last guy presiding over a bank with
that kind of history was quite sad for him,” Philip Rice said.
Joseph Albert Rice was born in Cranford, N. J., on Oct. 11, 1924, to Louis Rice, a teacher, and the former Elizabeth Michael.
He earned a bachelor’s degree from Rensselaer Polytechnic Institute, in Troy, N. Y., in 1948
and two master’s degrees, in industrial engineering and government, from New York University
The corporate fight took a personal toll on Mr. Rice, who retired after the acquisition, his son Philip said.
Irving Bank’s board agreed to sell in 1988, striking a deal that made Bank of New York the nation’s 12th-largest bank.