Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: MONDAY, January 4, 1993 TAG: 9301040245
SECTION: EDITORIAL PAGE: A6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
DOMINION BETRAYED MANY WORKERS
I WOULD like to commend you on your article on the Dominion Bank/First Union merger in the Dec. 20 edition of the Roanoke Times & World-News. The article was both timely and accurate.I, however, would like to bring to light yet another aspect of this story - the personal side. I am the wife of a manager, whose job has been eliminated by the merger. The anguish my husband and family feel is tremendous. We are not particularly angry with First Union. A takeover was inevitable considering the mess that Dominion had managed (through non-management?) to get themselves into. But we feel an immense sense of betrayal by the upper management of Dominion.
My husband, as were many of the officers on his level, was brought to the bank in the 1980s to assist the bank with diversifying into new areas. Mr. Hicks, the well-respected former chairman, had just retired and the new leadership seemed to be full of ideas on how to make the bank grow and prosper in the '80s. We agreed to come here because they seemed to have vision, but talk is cheap. Many stupid decisions were made. Sometimes obvious incompetence was ignored, especially when perpetrated by so-and-so's son. Acquired banks were allowed to operate as virtual autonomous kingdoms, enabling the regional heads, especially in Northern Virginia, Richmond and Norfolk, to have enormous power to resist positive changes. Excesses? Every sort was present, yet little attention was given to the development of potentially profitable areas.
With the departure of Carson Quarles, the last vestiges of competency and ethical conduct vanished. The bank made numerous expensive and unwise decisions, including buying troubled banks at a premium for the sake of growth, purchasing an expensive and unneeded aircraft, and allowing each region to build its own elaborate and costly building. Even Roanoke was the "fortunate" recipient of one of these edifices - often referred to as the Taj Madahlhouse. These were all totally unnecessary and frivolous expenditures, especially in light of the bank's losses and worsening financial condition. The sole purpose was the beatification of one man.
I believe that the most obscene thing about the sell-out is that, in the end, the big boys were still looking out for themselves, as evidenced by the huge "golden parachutes" they incorporated into their employment contracts. The inclusion of these guaranteed that many more long-sacrificing and hard-working employees would lose their positions, regardless of performance, and that those who mismanaged the bank would be enriched if their positions were "adversely affected." No wonder most employees feel they were betrayed for a few (quite a few) pieces of silver!
The personal tragedy is also overwhelming. I know how hard my husband has always worked. His area has been profitable from inception, but not profitable enough to cover the enormous losses incurred in real estate.
Our family has become totally immersed in our community and many charitable organizations. We love Roanoke dearly. We are now forced to move and give up our lives here. And my husband? I am confident he will do well in whatever he tries, but there is a bitter pain in my heart because he sacrificed his youth and idealism to an unworthy icon.
K. LEE CHAMPLIN\ ROANOKE