Business Services Industry
Bank Board Members Quit D.C. Area Women's Bank to Protest CEO's Ouster.
Knight Ridder/Tribune Business News, May, 1998 by Burn, Timothy
Knight Ridder/Tribune Business News
May 20--Three board members of Abigail Adams National Bancorp resigned yesterday to protest the ouster last week of Barbara Davis Blum as chief executive of Washington's only women-owned bank.
Shareholders of Adams voted to remove Ms. Blum from her post as West Virginia investor, and major shareholder Marshall T. Reynolds sought to consolidate control of the bank.
The vote marked the culmination of a bitter struggle between the bank's founding board members -- who started the company to serve women and minorities -- and Mr. Reynolds, an aggressive businessman who has acquired 58 banks around the country.
In a letter to the board, now made up of Mr. Reynolds and three of his allies, the departing members said...
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