DESCRIPTION: Holding company whose principal subsidiary is American Security Bank, the second-largest commercial bank in Washington (but first in trust operations). Other businesses include mortgage banking, property management, insurance and travel (OTC). 1979 PROFITS PER SHARE: $5.90 LOANS: $1.36 billion. Deposits: $1.85 billion. DIVIDENDS: $7.82 million ($2.15 a share, since increased to $2.20 annually). FOUNDED: Holding company was formed in 1957; corporation traces its beginnings to that of a predecessor bank, National Metropolitan, in 1814, although ASB first was incorporated in Virginia in 1889 and in D.C. in 1890. TOP EXECUTIVE: W. Jarvis Moody, chairman, president and chief executive officer.
Washington's business community was shocked on March 21 with the announcement that Carleton M. Stewart was out as chairman of American security after just four years in the position, following a long career with Citicorp of New York. After reaching an apparent impasse with the board of directors on his management stye (aloof and cold but very competent was the consensus) Stewart departed and was replaced immediately by Moody, American Security's president for more than seven years. Moody has promised to make his bank more community-oriented after a period under Stewart when ASB emphasized international business, national corporate lending and vast expansion of D.C. retail banking. Among recent developments under Stewart, ASC organized an insurance brokerage subsidiary; won approval for an Edge Act bank in Miami and made plans for a new trust business in Florida; expanded loan production offices to Cincinnati and Birmingham and increased its D.C. offices to 35 (the most of any bank here).