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C H A P T E R
The Last Real Banker?
Relationship Banking Is Not Dead—Yet
In southern Vermont, people talk of a legendary banker named
Dudley H. Davis. After serving in the Navy in World War II, Davis
in 1946 became a teller at the Merchants Bank in Burlington, rising
through the ranks to become its president, a position he held
for 36 years. Under Davis, the bank grew from a single branch
with $1 million in assets to more than 30 branches across the
state with over $800 million in assets. More importantly, it was
instrumental in providing startup funding for many of Vermont’s
most successful businesses and helped many residents buy their
fi rst homes.
For a bank CEO, Davis took a personal interest in his borrowers.
“All the old- time entrepreneurs talk about how, when
you needed money, you’d go in, meet with Dudley Davis,” says Eli
Moulton, an attorney based in Burlington who helps small businesses
raise capital. “He’d grill you on your business plan, and if
he liked you, you got a loan. That world doesn’t exist anymore.”
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