Mark Merrill Succeeds Retiring William Klich as Old Dominion National Bank President and CEO
NORTH GARDEN, Va., June 22, 2016 /PRNewswire/ -- The board of directors of Old Dominion National Bank announced the appointment of Mark S. Merrill of Arlington as president, chief executive officer and a director of the bank, succeeding the retiring William R. Klich.
Merrill will divide his time between the bank's headquarters and its Fairfax County office, which opened in McLean last year as part of Old Dominion's strategy for driving significant growth in Northern Virginia, particularly among small and mid-sized business customers.
"After assembling a new board of directors three years ago, one of our first orders of business was finding a leader who would share our commitment to Old Dominion and the customers it serves, while bringing the expertise and bank-turnaround skills necessary to stabilize the business and position it for long-term financial health and prosperity," Chairman Wesley Yuan said, noting that Klich joined the board in 2013 and was named president and CEO the following year. "Bill led the bank's efforts to develop a new strategic plan, strengthen its balance sheet, enhance policies, procedures, marketing and technology, and assemble a new management team of experienced leaders with proven track records of success in commercial and community banking. We thank him for his contributions and we wish him the very best."
Merrill, 39, joined Old Dominion as executive vice president in December 2015 after serving in a variety of senior executive leadership positions with community and commercial banks in Virginia, Maryland and Pennsylvania.
"At Old Dominion, we have an outstanding team of professionals who are dedicated to their loyal customers and excited about the opportunity to strengthen the bank's competitive position and accelerating our growth in Northern Virginia and the Washington metro area," Merrill explained. "In addition to talented employees, we have a highly engaged board and local shareholders who understand and support the course we've charted to secure Old Dominion's future and realize its full potential. It's an honor to serve them as their CEO."
Old Dominion's growth plans include opening and staffing new full-service branches in downtown Charlottesville and Northern Virginia.
"The board of directors recruited Mark in 2015 as part of our succession planning efforts, and Old Dominion has already benefitted from his strategic planning and capital markets experience, his knowledge of the Washington banking market, and his focus on the importance of building high-performing teams through servant leadership," Yuan added. "Mark is the right leader at the right time for Old Dominion."
Merrill started his career in the financial services practice at PricewaterhouseCoopers before moving into corporate finance and accounting positions at Pennsylvania's Waypoint Financial Corp. and Roper Industries. In 2006, he was named CFO of what became Tower Bancorp, overseeing significant merger and acquisition activity and multiple capital raises, including an initial public offering in March 2009 for the fastest-growing startup bank in Pennsylvania history. In 2012, Merrill was named CFO of Arlington's Virginia Commerce Bancorp and in 2014 he served as executive vice president at Eagle Bancorp in Bethesda, MD. Prior to joining Old Dominion last year, Merrill founded the technology and social good startup, Sidewalks LLC. A certified public accountant, he graduated from Elizabethtown College with a bachelor's degree in accounting. Active in the community, Merrill currently serves on the board of the Animal Welfare League of Arlington and coaches youth soccer.
About Old Dominion National Bank
Old Dominion is an independent, locally-owned and managed bank headquartered in Virginia with two full-service offices in Albemarle County, as well as a loan production office in Fairfax County to support its plans for growth in the Washington metropolitan area. The bank has approximately $45 million in assets and offers a full range of commercial and consumer financial services in the communities it serves. Please visit the bank online at ODNBonline.com.
Forward Looking Statements
Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include the words "believes," "expects," "anticipates," "estimates," "forecasts," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions or future or conditional verbs such as "may," "will," "should," "would" and "could." These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the forward-looking statements, including the following: the strength of the United States economy in general and the strength of the local economies in which the Bank conducts operations; fluctuations in interest rates and in real estate values; monetary and fiscal policies of the Board of Governors of the Federal Reserve System and the U.S. Government and other governmental initiatives affecting the financial services industry; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Bank's ability to access cost-effective funding; the timely development of and acceptance of the Bank's new products and services and the perceived overall value of these products and services by customers, including the features, pricing and quality compared to competitors' products and services; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Bank's market areas; legislative or regulatory changes that adversely affect the Bank's business; results of examinations of the Bank and its subsidiaries by their regulators, including the possibility that such regulators may, among other things, take regulatory enforcement action or require the Bank's to increase its reserves for loan losses or to write-down assets; the impact of technological changes; and the Bank's success at managing the risks involved in the foregoing. Any forward-looking statements are based upon management's beliefs and assumptions at the time they are made. The Bank undertakes no obligation to publicly update or revise any forward-looking statements or to update the reasons why actual results could differ from those contained in such statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed might not occur, and you should not put undue reliance on any forward-looking statements.
Media Contact:
Old Dominion National Bank
Mark S. Merrill
President and Chief Executive Officer
(571) 250-5202
[email protected]
SOURCE Old Dominion National Bank
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