Barnett, which dominates the rapidly growing Florida market, has long been seen as the most attractive banking franchise in the country and it attracted many bidders.

Mr. Thompson has made progress fixing the retail banking franchise, and the bank's brokerage and money management business is doing well.

It offers the full complement of Shariah-compliant financial solutions, operating in parallel with the group's universal banking franchise.

"It was almost as though someone had designed a plan to see if you could destroy a retail banking franchise," Hazen says.

"I think the banking franchise has suffered," the banker said.

"We have one of the finest banking franchises in the country and within a short period of time our operating results will reflect that."

And he even discussed whether investors would force the company to spin off its corporate banking franchise.

At stake is the future direction of Wall Street's most respected banking franchise.

But obviously, this is the dominant banking franchise in the state of Oklahoma.

First Interstate is considered one of the most attractive banking franchises, with branches spread over 13 states.