Jerome P. Baroch, formely president and chief executive officer of Century National Bank in Chevy Chase, has been elected president and chief executive of the Bank of Columbia, succeeding James B. Brockett who resigned as chairman and preisdent.
Donald E. Wolpe, chairman of Bank of Columbia's executive committee, will become chairman of the board.
Baroch headed Century National for two president of Northwestern Bank of Winston-Salem, N.C.
Baroch, in an interview, said that the recent merger agreement between Century and Citizens Bank and Trust Co. of Maryland was the main reason for his departure. "I chose to remain with an independent bank, in keeping with my individual career goals," he said.
Baroch said that a proposed takeover Columbia by an Argentine buyer has been terminated. "The original terms and arrangements have fallen through and will not be carried through to completion," he stated. "I don't think the bank would resist another interested party in purchasing stock in the bank. But a lot would depend on the particular arrangements. The bank is not on the market, but it would be interested in a legitimate offer."
Baroch said that if Congress allows banking across state lines, then smaller, independent banks in the District may become attractive targets for bank holding companies. "But at the present time I don't think there is any interest here in being absorbed by another major bank," he said.
Columbia has two offices in addition to its main office at 1430 K St. NW. The bank had deposits totaling $44.7 million as of June 30.