Magazine article American Banker

Ousted Banker Starting Anew in W.Va. Capital

Magazine article American Banker

Ousted Banker Starting Anew in W.Va. Capital

Article excerpt

Steven J. Day, a longtime West Virginia banker, has applied to open a new bank that would go head-to-head with the one that ousted him two years ago.

The former chief executive officer of City National Bank of Charleston and its parent, City Holding Co., filed an application with the state Board of Banking and Financial Institutions in September to form First National Bank of Charleston.

The board is expected to rule on the application Dec. 9. If it is approved, Mr. Day said the bank would open by the end of the first quarter.

"The small-business market is underserved after a lot of big consolidations in banking, so we decided to open up a community bank to go after this business," said Mr. Day, who would become First National's CEO.

He ran City Holding for 10 years until he was forced to resign in June 2000. At the time it was losing millions of dollars a quarter and under orders from the Office of the Comptroller of the Currency to clean up its loan portfolio and upgrade its management. The company, which ended up losing $38 million in 2000, has since returned to profitability under its current CEO, Gerald R. Francis, and is no longer operating under an enforcement order.

City National, with $2 billion of assets, and the $150 million-asset Capital State Bank are the only banks headquartered in Charle- ston, but 12 other banks have a share of the area's deposit base.

First National's investment group is made up of eight local businessmen, some of whom are on the boards of other banks, but none of whom are bankers by trade. …

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