Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, July 9, 1994 TAG: 9407120016
SECTION: BUSINESS PAGE: A4 EDITION: METRO
SOURCE: By MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
Quarles announced last week that at the end of this year he will step down as president of Central Fidelity Bank's Southwestern Region, based in Roanoke. He will be succeeded by Monty Plymale, now executive vice president.
Capping a 37-year banking career in the Roanoke Valley, Quarles led Central Fidelity in a $15 million expansion that carried it from the smallest market share among major banks into rivaling Crestar for second place in the Southwest Virginia market.
Quarles attributed the gains to "a very aggressive sales culture" and teamwork by a staff with high morale.
"We've had some luck" as well, Quarles said, pointing to the "dismantling" of Dominion Bank, where he once was president.
He said it doesn't take a rocket scientist to see that Central Fidelity captured a large portion of its share from the market leader, First Union National Bank of Virginia, after First Union acquired Dominion in March 1993.
Central Fidelity is headed toward its 20th straight year of increased profitability, he said. That's important, he said, because profitability drives up the stock price, which is the price of independence.
He conceded that rumors are widespread about possible merger partners for Central Fidelity, but "there's nothing to them." No merger discussions are going on with anybody.
He said that is especially true about rumors of mergers with First Union. "The wedding and engagement announcement did not come from us," he said. "There's absolutely no discussion or intention on our part."
Besides, he said, that particular marriage would not be a good one, because both banks serve the same markets.
Observers, however, think that by buying Central Fidelity, First Union would be getting wanted market shares in Lynchburg and Richmond.
Quarles spent 24 years with Dominion Bank, starting as a note teller in February 1958 and soon switching to the position of credit analyst in commercial lending. That service was interrupted for five years with what is now Signet Bank, which gave him his start in management.
He was recruited back with Dominion by a former chairman, the late Ed Ould, "one of my idols ... one of the smartest bankers around." He has tried to emulate Ould's decisive management style. He also admires the management skills of Carroll Saine, Central Fidelity's chairman.
When he left as president of Dominion Bank in July 1986, Quarles said he felt not exactly bitter but "a little burned out on banking." He intended then to serve as a banking consultant until Central Fidelity recruited him a few months later to run the region.
Even though he is shy of the traditional retirement age - he will turn 58 in September - Quarles said this seemed the appropriate time to leave banking. He made the announcement last week to employees at a company ceremony.
Quarles has a contract to serve Central Fidelity two more years in a consulting capacity, although the role is not yet defined. And he will continue as chairman of the bank's Southwestern Region board.
Quarles may do some consulting work, but not specifically for banks. He said other types of businesses may need the background and experience of someone who has been in banking for 37 years.
Then, he said, he wants to spend more time with "a wonderful wife, four great children and four super grandchildren" and a "devoted friend," a spaniel named Brandy. "I want to spend the rest of my life enjoying my family, my church and the many sport hobbies I have."
by CNB