Butcher Professor of Banking and Finance

United American Bank Chairman Jake Butcher, Democratic candidate for governor, announced on December 15, 1978, a $500,000 gift from the bank to the Tennessee Tomorrow campaign to establish the C. H. Butcher Professor of Banking and Finance, in honor of the father of Jake and C. H. Butcher. The elder Butcher was a longtime banker in Maynardville—a director of UAB and president of the City & County Bank of Union County. The endowment was to be funded by an annual $50,000 payment for 10 years. When the United American Bank failed in 1983, it was taken over by First Tennessee Bank, which decided not to continue to honor the commitment for payments. The professorship, held at the time by George Philippatos, was renamed Distinguished Chaired Professor of Banking and Finance.