ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, June 22, 1996 TAG: 9606240052
SECTION: VIRGINIA PAGE: A-1 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
NOTE: Below
FIRST-YEAR losses at the bank's parent were not responsible for his resignation, former bank president says.
Guy W. Byrd Jr., one of the organizers of Roanoke's Valley Bank, has resigned abruptly as its president and chief executive officer.
The bank said Friday that Byrd had been succeeded by Ellis L. Gutshall. Gutshall had been senior vice president and chief lending officer of the bank since before it opened for business in May 1995.
"I couldn't be more pleased to be named CEO of Valley Bank," Gutshall said. "This is a strong, growing bank with a good beginning and an exciting future. We already have an excellent reputation as the hometown bank and intend to be the local bank of choice for individuals and small businesses in the Roanoke Valley."
In addition, A. Wayne Lewis, another organizer of the bank, was named executive vice president from his former position as senior vice president. He retains the title of chief operating officer.
Byrd was not at the bank Friday. But in a telephone interview he said first-year financial losses of Valley Financial Corp., the bank's parent, "had nothing to do with it. The operation of the bank was not part of it." He said the losses, which totaled $738,746, were expected and common in the initial years of any new bank.
"There's obviously been some differences," Byrd said, but he declined to elaborate. "I've got to collect my wits and think about things." Byrd gave no clues about his plans.
Lewis agreed that the resignation "absolutely" had nothing to do with the loss for the bank's initial year. He, too, said that was expected and was part of the bank's business plan.
In a prepared statement, Byrd was quoted as saying that "with the organization and opening of the bank now complete, I have accomplished what I set out to do and it's time for me to move on to other things."
He also praised the board of directors and new management team as "outstanding."
George W. Logan, chairman of the board, was out of the city Friday afternoon but said in a statement, "We've had an excellent first year and, with our outstanding management and staff, have an even brighter future.''
Byrd, 54, is a veteran of several banks. He spent 13 years in banking in Roanoke before being named founding chief executive of Valley Bank in January 1994. He steered the bank through the organization process prior to its opening.
He came to Roanoke in February 1977 as executive vice president and regional executive officer of Bank of Virginia, now Signet Bank. Prior to that, he had worked for banks in New York and New Orleans.
Byrd left Roanoke in December 1989 to become president of The National Bank of Commerce in Charleston, W.Va., before returning to found Valley Bank.
Gutshall, the new president and CEO of Valley Bank, spent more than 20 years with First Virginia Banks Inc. Before joining Valley Bank, he had been executive vice president responsible for commercial lending, loan portfolio administration and credit department functions for First Virginia Bank-Southwest.
LENGTH: Medium: 66 lines ILLUSTRATION: PHOTO: FILE/Staff< Ellis L. Gutshall (left) is the newby CNBpresident of Roanoke's Valley Bank since former President Guy W.
Byrd Jr. (right) resigned from the bank he organized. color.