Louis C. Paladini, 67, first president of the Madison National Bank who served as its chief executive officer before retiring in 1977 for reasons of health, died Tuesday at Holy Cross Hospital in Silver Srping after a stroke.
Mr. Paladini was chairman of the orgaization committee of the bank, which was established in December 1963, and which had $7.5 million in deposits by the end of that month.
In 1964, after its first full year of operations, there was a total of $21.3 million in deposits with reported net earnings of $1.32 a share, considered a remarkable record for a new bank. Traditionally, a new bank is not expected to get out of the red until its second or third year.
Today, the Madison National Bank is Washington's sixth largest financial institution, with deposits of $140 million and eight offices throughout the city.
Mr. Paladini served as president of the bank until 1974, when he became chairman of the board.
A Washington native, he began his 43-year financial career at the age of 22 as an auditor for the Floyd E. Davis Co., a Washington real estate firm.
In 1940,he joined the old Lincoln National Bank and was comptroller and cashier there for 15 years. He subsequently was treasurer and vice president of the Munsey Trust Co. for several years and a vice president of the Broward National Bank in Fort Lauderdale, Fla., before returning here in 1961 to set up and head the Floyd E. Davis Mortgage Co.
He was executive vice president of the company and was associated with other Davis enterprises in addition to heading Madison National Bank. Mr. Paladini graduated from Eastern High School and Benjamin Franklin University, which presented him with its alumni award in 1971.
A resident of Kensington, he was a member of St. Paul's United Methodist Church there and belonged tot he Columbia Country Club and the University Club.
He was a Mason and a member of the Blue Lodge No. 30 and the Scottish Rite, Almas Temple of the Shrine and the Royal Order of the Jesters, Court No. 50.
Mr. Paladini is survived by his wife, the former Marion Volkman of Kensington.
The family suggests that expressions of sympathy be in the form of contributions to the American Diabetes Association.