DESCRIPTION: Bank holding company with financial institutions in Washington, Virginia, Maryland, Tennessee and New York (Amex). 1979 PROFITS PER SHARE: $2.25. LOANS: $1.27 billion. DEPOSITS: $1.954 billion. DIVIDENDS: $2.7 million (39 cents a share) plus 5 percent stock dividend.
FOUNDED: 1925. TOP EXECUTIVES: B. Francis Saul II, chairman; J. William Middendorf II, president and chief executive officer.
Look for one of the most stormy annual meetings of 1980 on April 30, at the Hyatt House in Richmond, when the Saul-Middendorf management group seeks to protect its status in the face of a serious challenge by Middle East investors who own about a fifth of Financial General stock and who are seeking to acquire control. Management has fought the takeover attempt in every forum and court but the outsiders have nominated three prominent Washingtonians to the board -- former U.S. Sen. Stuart Symington, L'Enfant Plaza chief Elwood Quesada and former National Bank of Washington chairman Donald Notman. Since no group has a clear majority of shares, a real election battle is shaping up for the bank firm's board and some management nominees (usually elected in routine sessions) may lose their posts. In a major local banking development, all D.C. area Financial General banks now operate under similar names startig with "First American," creating a unique opportunity for metropolitan-wide marketing. The company owns or controls 1st American of D.C. (formerly Union First, a merger of the old Union Trust and First National); 1st American of Maryland, based in Silver Spring; 1st American of Virginia, of McLean; Bank of Commerce in New York; Valley Fidelity of Knoxville; Community of Albany; Shenandoah Valley National of Winchester; Valley national of Harrisonburg; Peoples National of Leesburg; Eastern Shore National of Pocomoke City, Md.; Round Hill National in Virginia and First National of Lexington.