Who is National Commerce?
by January 19, 2004 12:00 am 85 views
National Commerce Financial Corp. of Memphis is a regional bank holding company with about 5,500 employees, according to the firm’s filings with the Securities and Exchange Commission.
The company is the surviving corporation from the July 2000 merger of National Commerce Bancorp. with the former CCB Financial Corp. It’s primary banking subsidiary is National Bank of Commerce which offers commercial and retail banking, savings and trust services through 449 offices from the Carolinas to Arkansas.
The bank had assets of $22.65 billion and deposits of $15.51 billion during the Federal Deposit Insurance Corp.’s September reporting period.
National Commerce opened its first branch in a Wal-Mart store in 1991. Since then, the relationship has grown to the point where John Presley, the bank’s chief financial officer, made the following remark in November at a Florida business conference sponsored by Sandler O’Neill & Partners LP.
“Wal-Mart has attempted to get into the banking business by buying banks, by partnering with Canadian banks, just about any way they possibly can. At every turn, they have continued to come back with us and work with us about how they might get into the banking business.”
The remark was reported on Nov. 18 in American Banker.
National Commerce’s corporate officers include:
• Eugene J. McDonald, chairman — Formerly executive vice president of Duke University, McDonald, 70, has also served as: principal and chief investment officer of Quellos Private Capital Markets, LLC; founding president and CEO of Duke Management Co. (asset management); director of RedHat Inc.; director of Incara Pharmaceuticals Corp.; director of National Commercial Bancorp.
• William R. Reed Jr., president & CEO — Started as management trainee with National Bank of Commerce in 1969. Reed, 56, has served in numerous capacities over the years including as chief operating officer.
• John Presley, chief financial officer — Most recently Presley, 42, served as president and CEO of First Market Bank in Richmond, Va. He orchestrated the 1997 joint venture agreement between NCF and Ukrop’s Supermarkets to establish First Market Bank which has grown organically to nearly $1 billion in assets. He has managed several of the bank’s de novo expansion efforts including the Wal-Mart expansion into the booming north Georgia (Atlanta) marketplace.
• Richard L. Furr, chief operating officer — Furr, 54, attained this position in July 2003 after serving as a member of the NCF Executive Management Committee and president of Central Carolina Bank. Before the July 2000 merger with National Commerce Corp., he served as executive vice president and COO of CCB Financial Corp.
• David T. Popwell, executive vice president — Popwell, 43, was promoted to this position in August 1998. Previously, he was an attorney with Baker, Donelson, Bearman, Caldwell and Berkowitz P.C. of Memphis.
Tab Chart #1
Board of Directors
| Director | Affiliation | Title |
| James Brame | Brame Specialty Co. | pres., CEO |
| R. Grattan Brown | Glankler Brown PLLC | member |
| Bruce E. Campbell | RFS Hotel Investors Inc. | director |
| John D. Canale III | D. Canale & Co. | pres., CEO |
| James H. Daughdrill | Rhodes College | retired president |
| Thomas C. Farnsworth | Farnsworth Investment Co. | chairman |
| Blake P. Garrett | Garrett & Garrett Construction | partner |
| C. Dan Joyner | The Prudential/C. Dan Joyner Co. | pres., CEO |
| W. Neely Mallory | Mallory Group Inc. | pres. |
| Phillip H. McNeill | Equity Inns Inc. | chairman, CEO |
| Eric B. Munson | Univ. of N. Carolina Hospitals | pres., CEO |
| J. Bradbury Reed | Bass, Berry & Sims PLC | member |
| David E. Shi | Furman University | pres. |
| H. Allen Tate | Allen Tate Co. | pres., CEO |
| Phail Wynn | Durham Tech. Comm. College | pres., CEO |
Source: Securities and Exchange Commission filings
Tab Chart #2
Quick Glance
A quick glance at this growing corporate ally of Wal-Mart yields the following:
National Commerce Financial Corp. (NYSE: NCF)
Market Capitalization: $5.33 billion
Revenue: $1.07 billion
Net Income: $306.27 million
Earnings Per Share: $1.49
Return on Assets: 1.4 percent
Return on Equity: 11.37 percent