FIRST UNION AND DOMINION NAME TENNESSEE EXECUTIVES TO KEY POSTS
NASHVILLE, Tenn., Dec. 14 /PRNewswire/ -- First Union National Bank of Tennessee and Dominion Bank of Tennessee have announced key management appointments designed to guide the two banks through their upcoming merger and to build an effective combined team to serve the needs of Tennessee customers.
The merger is pending regulatory and shareholder approval and is expected to be completed in early 1993.
Robert L. Reid, who has been a leader in First Union's transition planning, is expected to become chairman, chief executive officer and president of First Union National Bank of Tennessee when the merger is consummated. George L. Yowell, now president and chief executive officer of Dominion Bank of Middle Tennessee, is expected to become vice chairman of First Union National Bank of Tennessee. "We are putting together a team that understands the need for uninterrupted service to our Tennessee customers, and one that will be able to market aggressively the broad array of financial services our combined company will provide," Reid said. "Together, we plan to strengthen and build upon the commitments Dominion Bank has already made to communities across this state." Robert R. Lane, now chairman and chief executive officer of First Union National Bank of Tennessee, is taking a leadership role on the merger transition team and will help coordinate community reinvestment activities. Citizens Union Bank of Rogersville and Merchants and Planters Bank of Newport, two East Tennessee banks now operated by Dominion, are expected to become part of First Union National Bank of Tennessee. H. Lyons Price, president of Citizens Union Bank, and Lonnie R. Jones, president of Merchants and Planters Bank, are expected to continue in their roles as the top executives in these markets. Both will become part of First Union's General Banking Group in Tennessee. The General Banking Group will be responsible for commercial and consumer banking operations across the state. Donald M. MacLeod, a Nashville native and former head of First Union's Commercial Products Group in Charlotte, is expected to become executive vice president and head of the General Banking Group. In addition to Jones and Price, the General Banking Group would include the following executives reporting to Don MacLeod: -- William M. Johnson, currently vice chairman of Dominion Bank of Middle Tennessee, as Central Regional Executive. -- Ronald L. Samuels, now head of business banking at Dominion, as Metropolitan Regional Executive. -- D. Shannon LeRoy, of First Union National Bank of Tennessee, as Metropolitan Commercial Banking Executive. -- Mark D. Thomas, formerly with First Union National Bank of North Carolina, as State Consumer Banking Executive. The proposed organization for First Union National Bank of Tennessee also includes the following executives: -- David M. Resha, currently at Dominion, as Corporate Banking Executive. -- John D. Peirce, currently at Dominion, as Corporate Real Estate Executive. -- Edward R. Matthews, formerly with First Union National Bank of North Carolina, as Chief Financial Officer. -- John J. Nichols, formerly with First Union National Bank of Georgia, as Chief Credit Officer. The top three Tennessee executives for the combined company share several decades of bank management experience. Reid joined First Union in 1978 and served most recently as area executive for First Union National Bank of North Carolina based in Hickory. Yowell has been president and chief executive officer of Dominion Bank of Middle Tennessee since July 1988. He joined Dominion in 1971 and served as market president for Dominion in Richmond from 1974 to 1988. MacLeod joined First Union in January 1987 with 15 years of banking experience in the Southeast. He is a graduate of Nashville's Montgomery Bell Academy and Vanderbilt University. Dominion Bank operates 68 statewide offices in Tennessee with approximately $2 billion in assets; First Union National Bank of Tennessee has one office in Nashville with approximately $150 million in assets. Following the merger, First Union Corporation (NYSE: FTU FTUpr) would have assets of approximately $61 billion, making it the nation's ninth largest bank holding company with approximately 1,200 banking offices reaching from Washington to Miami. -0- 12/14/92 /CONTACT: Donna Stockton, 704-374-6999 or (home) 704-331-9619, or George Owen, 800-669-5855 or (home) 704-358-3116, both of First Union Corporation, or Brenda McDaniel, Dominion Bankshares Corporation, 703-563-6351 or (home) 703-345-4277/ (FTU DMBK)
CO: First Union National Bank of Tennessee; Dominion Bank of Tennessee ST: Tennessee IN: FIN SU: PER
SB -- CH010 -- 6821 12/14/92 15:05 EST
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|Date:||Dec 16, 1992|
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