Gregarious, impeccably dressed and with his trademark cigar, Michael E. Tobin Sr. strode through the business world as a progressive leader of the Midwest Stock Exchange and the American National Bank and Trust Co. of Chicago.
Mr. Tobin, 79, formerly of Chicago, died of lung cancer, Friday, April 22, in his home in Tesuque, N.M.
After serving in the Army during World War II, he studied classical piano in France. Although music remained a passion throughout his life, he decided to return to his native Pennsylvania where in 1948 he received a bachelor’s degree in economics from the University of Pennsylvania. He became a management consultant with a private investment company and studied banks’ personal trust operations.
In 1961 he joined the New York accounting firm Arthur Young and became a partner five years later, charged with overseeing its Chicago office.
During that time, he also was a consultant with officers of the Midwest Stock Exchange and in 1968 became president after the death of its first president.
During his 10 years as president of the exchange, now known as the Chicago Stock Exchange, Mr. Tobin was an early advocate for the elimination of fixed commissions on stock trades.
His tenure corresponded to the growth of the mutual fund industry and the emerging dominance of institutional investors, which were demanding lower costs for buying and selling stocks. His exchange became a leader in bringing price competition to block trading, or the trading of large quantities of shares.
He also was an early opponent of the then-dominance of the New York Stock Exchange.
“I knew him as a bit of a maverick,” said Donald Weeden, limited partner in Weeden & Co. LP, a brokerage firm. “Mike was the leading regional exchange president to challenge the New York [Stock Exchange]. He was, at the time, the leader in his attitude and mind-set, a progressive guy who made a big contribution.”
In 1978 he left the exchange to become chairman and chief executive office of American, which later became Bank One, which in 2004 merged with JP Morgan Chase. He retired from the bank in 1990.
“I think my dad was a very good business strategist and was able to see a few moves ahead,” said his son, Michael Jr. “He foresaw the–growth of the middle-market banking business in Chicago–essentially entrepreneurs and self-made people–and really brought a high-level service to that market.”
According to John McKinnon, president of Illinois commercial banking for Bank One, “Mike was the consummate professional in every way. He was a great leader and mentor to his bankers, very customer-focused and certainly understood how relationships were supposed to work in the middle market. He was inspirational, competitive, positive and liked to win. A really great guy.”
Divorced from his first wife, Mona, he married his wife Judith in 1976.
He is also survived by another son, Corey; a daughter, Allegra Love; a stepson, Brett Sylvestri; and four grandchildren. A funeral service will be held May 14 in New Mexico.
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bsherlock@tribune.com
