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WILLIAM P. SCHUBMEHL SUCCEEDS FRANCIS A. PINENO AS PRESIDENT AND CEO

WILLIAM P. SCHUBMEHL SUCCEEDS FRANCIS A. PINENO AS PRESIDENT AND CEO
 RICHMOND, Va., Feb. 28 /PRNewswire/ -- S. Buford Scott, Chairman of the board of Scott & Stringfellow Financial, Inc. (NASDAQ-NMS: SCOT) announced that William P. Schubmehl will succeed Francis A. Pineno as President and Chief Executive Officer effective April 1, 1992.
 Schubmehl joined the Richmond based regional brokerage firm in 1978 as an institutional and retail broker. In May 1979, he assumed the position of Vice President and head of Branch Operations. Bill is currently Executive Vice President and is in charge of retail sales and the branch system along with other management responsibilities .
 "Schubmehl's proven leadership capabilities, as well as his thorough familiarity with all aspects of the firm's activities, will provide the continuity of philosophy that is so important to the firm's future," Scott said.
 Pineno, who has been the firm's President and Chief Executive Officer since March of 1984, will remain a Director and will continue to handle certain client accounts.
 Under Pineno's leadership, the firm enjoyed excellent growth with a number of employees increasing from 160 to 380 and the number of branch offices growing from 10 to 25. Revenue expanded from $14 million to the current $45 level. Capital has grown from $3.3 million to over $20 million, and profits are currently at an all-time high, which we are happy to say is continuing in January and February of this year.
 Pineno stated: "The time has come for new leadership to take the firm to the next level. I have thoroughly enjoyed my tenure. This is a great firm with a rich tradition of putting clients' interests first and foremost. With its strong capital base and consistent record of profitability, Scott & Stringfellow Investment Corp. is well positioned to continue its growth."
 "We were fortunate to attract Frank Pineno to our firm in 1984. Guided and implemented by a team under the leadership of Frank Pineno, we have acquired four investment firms and merged with another," Scott said. "This record is remarkable when one considers that many firms with long histories in the securities industry are no longer in business today," he continued.
 "Frank Pineno has worked hard for our firm, has led us in making many improvements, and has helped us attract excellent employees. He has shown his complete commitment to the firm, its employees and stockholders. We are happy that he will continue as an employee and director of the firm," Scott added.
 Scott & Stringfellow Financial, Inc. is the holding company of Scott & Stringfellow Investment Corp., a regional stock brokerage, financial services and investment banking firm headquartered in Richmond, Va. The common stock of the holding company has been traded in the Over-the-Counter market since an initial public offering in November 1986. The firm has 25 branches throughout Virginia, North Carolina and West Virginia and 370 employees of which 166 have full-time Investment Broker positions.
 -0- 2/28/92
 /CONTACT: William P. Schubmehl, Executive Vice President, 804-780-3252, or Victor L. Harper, First Vice President, 804-780-3287, both of Scott & Stringfellow Financial, Inc./
 (SCOT) CO: Scott & Stringfellow Financial, Inc.; Scott & Stringfellow
 Investment Corp. ST: Virginia IN: FIN SU: PER


JZ -- CH003 -- 3660 02/28/92 10:52 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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