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June 19, 1998
First Union Regional Executive Mac McDonald to Retire; Jenkins Named to Top Post
RICHMOND, Va. - Malcolm S. McDonald, chairman of First Union -Virginia, Maryland and Washington, D.C. will retire effective June 30, 1998. Benjamin P. Jenkins III, currently president of First Union's operations in the region, will assume the top executive responsibilities from McDonald, who will remain on First Union's Corporate Board of Directors.
McDonald has served as head of First Union -Virginia, Maryland and Washington, D.C. since the consummation of its merger with Signet Banking Corporation in November 1997. Prior to the merger, McDonald was chairman and chief executive officer of Signet.
"I'm proud of the organization that we have built as a result of our merger with First Union, " McDonald said. "I'm pleased to have overseen the successful integration of these two great companies, and upon my retirement I will truly miss the customers we have served and the employees I have worked with for so many years."
McDonald's retirement marks the end of a distinguished 38-year banking career, which began at Irving Trust Company in New York and led him to Signet in 1970. Over the course of 28 years with Signet, McDonald held several leadership positions before becoming chief executive officer in 1996 and chairman in early 1997. While he was with Signet, the company grew from $750 million in assets to more than $12 billion in assets before its merger with First Union. In 1995, Signet spun off Capital One Financial Corporation, now with more than $13 billion in managed credit card assets.
A native of Minnesota, McDonald holds a bachelor's degree in business administration from the University of Minnesota. He serves on the Board of Bon Secours Richmond Health System, the Virginia Commonwealth University School of Engineering Foundation Board, the Board of the Business School of the College of William and Mary and the Richmond Ballet Board of Trustees.
Edward E. Crutchfield, First Union's chairman and chief executive officer, said: "We knew at the time we announced the First Union - Signet merger that this combination would be terrific, and Mac's leadership contributed a great deal to the ease with which the consolidation was accomplished. We wish him happiness in his retirement."
Jenkins has served as president of the Virginia, Maryland and Washington, D.C. banking region since March 1993 when First Union acquired Roanoke-based Dominion Bankshares. In addition to the Signet and Dominion acquisitions, Jenkins led First Union through its successful acquisition of McLean, Va.-based First American Metro Corp. in June 1993.
During Jenkins' tenure as president, First Union has brought an expanded array of products and services to financial services customers throughout Virginia, Maryland and Washington, D.C., including investment services for consumers and capital markets products for commercial customers. Jenkins has been a driving force behind one of the company's most successful efforts to provide proactive financial solutions to customers when, where and how they choose, known as Future Bank.
"We are proud of Ben's accomplishments and the team he has worked so hard to build," said John Georgius, president of First Union Corporation. "First Union is providing solid service to customers, growth opportunities for employees and outstanding returns to shareholders. Ben has fostered a spirit of teamwork that continues to produce outstanding results."
Prior to his current position, Jenkins served as president of First Union-Georgia from 1987 to 1992, and served as president and chief executive officer of First Union-South Carolina from April 1986 to November 1987. He joined First Union in 1971.
A native of Asheboro, N.C., Jenkins holds a bachelor's degree from North Carolina State University and a master's degree in business administration from the University of Alabama. He serves on the boards of the Richmond Symphony Orchestra, the Greater Richmond Chamber of Commerce, Richmond Renaissance and Local Initiatives Support Corporation (LISC).
First Union-Virginia, Maryland and Washington, D.C., a subsidiary of First Union Corp., has $16 billion in deposits and operates 307 financial centers. First Union ranks number one in deposit share in Virginia. First Union Corp. is the nation's sixth-largest bank holding company with assets of approximately $220 billion. The company serves more than 16 million customers throughout the East Coast and the nation.
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