A group of Middle Eastern investors officially took control of Financial General Bankshares Inc. yesterday with a reorganization of the Washington-based bank holding company's board.
The new board at its first meeting elected Clark M. Clifford chairman. Clifford, a secretary of Defense in the Nixon administration, is the senior partner in the Washington law firm of Clifford & Warnke and chairman of FGB Holding Corp., holding company and purchaser of Financial General.
FGB Holding recently climaxed a four-year fight for control of Financial General with the purchase of Financial General's common stock in a tender offer that began March 3. The offer has been extended until next Monday but the new owners control 95 percent of the stock.
At the reorganization meeting yesterday, directors of Financial General also elected Robert G. Stevens, former chairman of BancOhio Corp., as president and chief executive officer of the Washington company.
Meanwhile, Financial General's board has been reduced from 17 members to 10. The four new directors are Robert A. Altman, partner, Clifford & Warnke; Jack W. Beddow, senior vice president and secretary, Financial General; James M. Gavin, former chairman of Arthur D. Little Inc., and Stevens.
Held over from the old board are Justin D. Bowersock, Eugene B. Casey, Elwood R. Quesada, B. Francis Saul II, Stuart Symington and Clifford.
FGB is a wholly owned subsidiary of Credit and Commerce American Investment B.V., a Netherlands corporation, which is a wholly owned subsidiary of Credit and Commerce American Holdings N.V., a Netherlands Antilles corporation.