Magazine article American Banker

Va. Banks and Thrifts, Seeing 'Win-Win' Deal, to Merge Trade Groups

Magazine article American Banker

Va. Banks and Thrifts, Seeing 'Win-Win' Deal, to Merge Trade Groups

Article excerpt

WASHINGTON -- Virginia's banks and thrifts are merging their trade groups, continuing a trend that has taken root in six other states.

The Virginia Bankers Association, which represents 164 commercial banks, and the Virginia League of Savings Institutions, which counts 33 savings associations among its members, agreed to the marriage in separate votes on June 20.

The surviving group will be known as the Virginia Bankers Association.

"In recent years, both the legal aspects and the market place distinctions between banks and savings banks have been significantly reduced," said Vernard Henley, president of the Virginia Bankers and chairman of Consolidated Bank and Trust Co., Richmond.

"Today the balance sheets of many banks and savings banks are frequently the same with most consumers not recognizing a difference," he added.

"Savings banks and commercial banks have many common interests and purposes today and very little that separates them," added Gordon L. Gentry Jr, chairman of the Virginia League and chairman of TideMark Bank for Savings, Newport News.

"It makes sense for our trade organizations to come together in serving our members requirements for training, legislative initiatives, and employee benefits programs," he added. "It's a win-win situation."

To implement the merger, the Virginia Bankers Association will add four thrift executives to its 19-member board for a three-year transition period. After that, board members will be elected without regard to the type of institution they represent. …

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