The biggest stars in cinema have plenty of reach and influence that extends far beyond the four corners of the silver screen, but having a direct impact on financial institutions doesn’t tend to be one of them. However, John Wayne was a different kind of icon who exerted such power that he had a noticeable impact on the American banking system.
‘The Duke’ was a very wealthy man, which comes with the territory when he’d spent decades as one of the highest-paid and most bankable actors in the business. He wasn’t above making the odd endorsement or two to enhance his bank balance even further, inadvertently creating a domino effect that totalled tens of millions of dollars.
Towards the end of his career – and ultimately his life – The Duke became less prolific onscreen, which was entirely understandable when he’d had his left lung and several ribs removed in the 1960s after his first battle with cancer. He was still a major name, though, and for his legion of supporters, Wayne’s mere presence was enough to convince many of them to rejig their life savings.
In the years leading up to his death, Wayne headlined a number of television commercials for the Great Western Savings Bank in Los Angeles. Movie stars shilling things to the general public has been part and parcel of Tinseltown for decades, but few have ever moved the needle quite like the face of the ‘Golden Age’ western.
Less than 24 hours after his first advert aired, a man reportedly strolled into the West Hollywood branch carrying a suitcase containing $500,000 in cash, having closed his accounts at another bank and withdrawn every penny to set up shop at Great Western Savings for one reason and one reason only, informing the manager that “if your bank is good enough for John Wayne, it’s good enough for me.”
Not only that but two months after Wayne’s commercials started rolling out to airwaves, the company reported that it had gained $21million in net savings from newly created accounts. While there’s a chance it could have been little more than a coincidence, if one guy was willing to bet half a million on the trustworthiness of The Duke, it’s highly unlikely.
All Wayne had to do was pop up on the small screen and sing the praises of Great Western Savings, and in no time at all, more than $20m had been siphoned from other banks into the organisation’s raft of personal and business accounts, which is a mind-boggling impact for one actor to make on the entire system.
Fittingly, Great Western Savings repaid Wayne’s ringing endorsement by placing a bronze statue of The Duke riding a horse outside its Beverly Hills office. Based on his impact, maybe it was better off being made out of gold.
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