BAILEY, RITTER ELECTED VICE CHAIRMEN OF AMSOUTH BANCORPORATION AND AMSOUTH BANK N.A.
BIRMINGHAM, Ala., July 15 /PRNewswire/ -- AmSouth senior executive vice presidents C. Stanley Bailey and C. Dowd Ritter have been elected directors and vice chairmen of the boards of AmSouth Bancorporation and AmSouth Bank N.A., according to John W. Woods, the company's chairman, president and chief executive officer. In making today's announcement, Woods said that the promotions of Bailey and Ritter are part of a company-wide restructuring that addresses AmSouth's rapid growth and the company's plans for management succession. "AmSouth has entered what I believe will be the most dynamic period in the company's history, and we must be structured to compete effectively while concurrently addressing the operational, administrative and technological challenges associated with our rapid geographic expansion," Woods said. He also noted that William A. Powell Jr., president of AmSouth Bancorporation and vice chairman of AmSouth Bank N.A., recently announced plans to retire Aug. 1 after a 40-year career with AmSouth. In conjunction with Powell's retirement, Woods has assumed the additional title and duties of president of AmSouth Bancorporation. "Our two new vice chairmen have the extensive experience and have demonstrated the management skills needed to keep AmSouth on track toward its ambitious long-term strategic plans," Woods said. "Dowd Ritter has been with the company for 24 years and has served 13 years on our executive team, and Stan Bailey has 22 years experience with AmSouth, of which eight years have been in an executive position. I have the utmost confidence in their ability to assume the additional responsibilities as vice chairmen of our holding company and lead bank," Woods said. Vice Chairman Bailey will be responsible for Corporate Finance, AmSouth Mortgage Company, Private Banking and functions overseen by the company's chief financial officer and chief technology officer. Vice Chairman Ritter will be responsible for the Alabama-based AmSouth Bank N.A., AmSouth Bank of Tennessee, AmSouth Bank of Florida, AmSouth Bank of Georgia, Commercial Banking, Consumer & Business Banking and Human Resources. Bailey, 44, joined AmSouth's Management Training Program in 1971 and served in management posts within Operations, Personnel Administration and Compensation, and as the company's general auditor before being elected executive vice president and regional executive for AmSouth's North Alabama Region in 1985. He was named head of the company's Operations Division in 1986 and was promoted to senior executive vice president in charge of the Operations and Administrative Group in 1988. Bailey was named head of the Financial Management Group and added the duties and title of chief financial officer in 1990. He assumed additional responsibilities for AmSouth Mortgage Company in 1992. He also serves as a director of AmSouth Mortgage Company, Inc., AmSouth Investment Services, Inc. and AmSouth Bank of Georgia. Bailey received his bachelor's degree from Birmingham-Southern College in 1970 and an MBA from Samford University in 1977. He also is a graduate of the Stonier Graduate School of Banking. He has served on the boards of United Way, Birmingham Children's Theatre, Boy Scouts and the YMCA and also was a member of Leadership Birmingham's class of 1991. Bailey also has been active in support of Birmingham-Southern College and the Prescott House. Ritter, 45, joined AmSouth's Management Training Program in 1969 and served in management positions within the bank's branch system before being named head of Branch Administration in 1978. He subsequently served as head of Retail Banking, the bank's North Central Alabama Region, Trust Division, Trust and Retail Banking and Marketing, Trust and Financial Services Group, Regional Banking Group and General Banking Group. He was promoted to executive vice president in 1980 and senior executive vice president in 1988. He also is a director of AmSouth Mortgage Company, Inc., AmSouth Financial Corporation, AmSouth Investment Services, Inc., and AmSouth Bank of Georgia. Ritter received his bachelor's degree in economics from Birmingham- Southern College and also is a graduate of the School of Banking of the South at Louisiana State University. Ritter is active in numerous professional, charitable and civic organizations and presently serves as campaign chairman of the United Way of Central Alabama. He is currently a director of the Birmingham Area Alliance of Business, Inc., the Executive Service Corps of Birmingham, and the Metropolitan Arts Council. He also is a member of the Advisory Board of St. Vincent's Hospital and a trustee of The Children's Hospital of Alabama. He is a past director of the Birmingham Festival of Arts, which he served as president in 1990, and the Birmingham Music Club. He also is a former member of the Leadership Council of the University of Alabama in Birmingham and was a member of Leadership Birmingham's class of 1988. AmSouth Bancorporation, headquartered in Birmingham, operates banking offices in four states and mortgage banking offices in eight southeastern states. The company's assets at June 30 totaled $11.1 billion. The corporation's lead bank, AmSouth Bank N.A., operates 150 banking offices throughout Alabama. Other bank affiliates include AmSouth Bank of Florida with 25 banking offices in northwest Florida, AmSouth Bank of Tennessee with 20 offices, AmSouth Bank of Georgia, and AmSouth Bank of Walker County, Ala. Bank-related affiliates include AmSouth Mortgage Company, Inc., with 17 offices in eight states, AmSouth Investment Services, Inc., and AmSouth Leasing Corporation. Through the second quarter of 1993, AmSouth has announced definitive agreements to acquire five Florida banks and one bank in northwest Georgia. Pending acquisitions include, in Florida, The First National Bank of Clearwater, First Gulf Bank in St. Petersburg, Orange Bank headquartered in Orlando, Mid-State Federal Savings Bank headquartered in Ocala and FloridaBank in Jacksonville. In addition, AmSouth has signed a definitive agreement to acquire The Georgia State Bank of Rome, Ga. These pending acquisitions represent approximately $2.0 billion in assets and 67 banking offices, 63 of which are in rapidly growing areas of Florida. -0- 7/15/93 /CONTACT: Analysts: Harvey E. Campbell, 205-326-5316, or Media: Jim Underwood, 205-326-5184, both of AmSouth/ (ASO)
CO: AmSouth Bancorporation ST: Alabama IN: FIN SU: PER
RA-BN -- AT022 -- 2212 07/15/93 17:05 EDT
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|Date:||Jul 15, 1993|
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