Crestar Financial loses Maryland chief Wycoff resigns, plans to move to Pittsburgh to be close to family

March 13, 1997|By Bill Atkinson | Bill Atkinson,SUN STAFF

William A. Wycoff, president of Crestar Financial Corp.'s Baltimore-based Maryland region, said yesterday that he had submitted his resignation and plans to move to Pittsburgh so that he and his wife can be closer to family members.

Wycoff, 50, said he would continue to head Crestar's Maryland ** region until June at the very latest.

"There is no hidden agenda," Wycoff said. "This is purely my decision."

Wycoff said he was not willing to make a seven-to-10-year commitment to build Crestar's Maryland operations, which have about 800 employees and 30 branches.

Crestar, a company with $23 billion in assets, moved into Baltimore 14 months ago when it acquired Loyola Capital Corp. Last December, it snapped up Laurel-based Citizens Bancorp., which had $4.2 billion in assets.

Wycoff said he and his wife decided in December to move to Pittsburgh, where they both have family. Wycoff said he wanted to run a community bank in Western Pennsylvania, but he had not yet landed a job.

"We just felt we are young enough to do something back there," he said.

Barry Koling, a Crestar spokesman, said Wycoff's decision came as a surprise.

"It's a disappointment," Koling said. "We will start working with Bill to determine a succession plan immediately."

Wycoff said that he met with Crestar's president, James M. Wells III, in December and told him that he was leaving the bank. The two agreed that Wycoff would stay on until June at the latest. They also decided to keep Wycoff's decision quiet until Monday, when an announcement was made to Crestar's employees in Baltimore. No public announcement was made.

Wycoff was named president of Crestar's Maryland region in August 1995, shortly before the company acquired Loyola, Baltimore's last big savings and loan.

Besides overseeing Crestar's branch operations and employees, Wycoff controlled a variety of operations, including commercial, small business, real estate and consumer lending.

At Loyola, Wycoff was responsible for community banking operations as well as marketing and administration of the savings and loan. He also developed new products and bought branches.

A native of Pittsburgh, Wycoff graduated in 1974 from Culver-Stockton College in Canton, Mo., after serving a year in Vietnam.

In 1976, he was manager of human relations at Hunt Valley-based McCormick & Co. He also worked at Towson-based Black & Decker Inc. as director of personnel, and at drug maker Pfizer Inc., where he was director of administration for a technology division in Columbia.

Pub Date: 3/13/97

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