Banking woes revive rivalry.

• Position: Charlotte

Even Charlotte's most ardent backers admit that the Queen City is, in many respects, an Atlanta wannabe. After the Civil War, the Georgia capital led the way to the New South of industrialization and economic development, says Bob Morgan, president of the Charlotte Chamber of Commerce, and Atlanta's success in growing its airport to attract business inspired Charlotte to do likewise.

While aping Atlanta, Charlotte competed with it. Charlotte-based NCNB Corp. gobbled up Atlanta-based C&S/Sovran Corp. to become the nation's third-largest bank in 1991 and later grew into the behemoth known as Bank of America Corp. The rapid rise of its homegrown banks made the Queen City the nation's second-largest financial center after New York. "In the banking competition," Morgan says, "Charlotte came out on top." Atlanta leaders frequently peer into the rearview mirror at their rivals up Interstate 85 and worry the smaller city seems to be gaining. Some have conceded that Charlotte has addressed critical issues such as transportation better than their city has, which could give it a competitive advantage.

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But in many measures, Charlotte has a long way to go. Its metro area has 1.7 million people, less than a third of greater Atlanta's 5.4 million. Its economy grew faster between 2001 and last year--46% to 33%--but it was still less than half the size of Atlanta's. Given what's happened this year, Charlotte might even be losing ground. The two metro areas'...