Sovran's Bottorff Accepts Top Post At Tenn. Bank
ATLANTA -- Dennis C. Bottorff, the second-ranking executive at C&S/Sovran Corp., announced Thursday that he will resign next month to become president and chief executive of First American Corp., Nashville.
The company, which has $6.3 billion in assets, is not related to First American Bankshares of Washington.
Mr. Bottorff's resignation is effective Nov. 15, two weeks after C&S/Sovran's shareholders are expected to approve a merger with NCNB Corp. That will make him eligible for $1.7 million in severance payments, according to a regulatory filing.
Mr. Bottorff said Thursday that NCNB chairman Hugh L. McColl Jr. had not offered him a job in the merged organization, to be known as NationsBank.
NCNB Choices Coming Soon
"I know of no one who's been told of any specific positions," Mr. Bottorff said in an interview. He said he had discussed his resignation decision with Mr. McColl and "we agree to move ahead."
He added that he expected Mr. McColl to announce an executive lineup for the merged banks early next week.
Mr. Bottorff, who was slated to become C&S/Sovran's chief executive in January, will succeed James F. Smith Jr. as chief executive of First American.
|Personal Values' in Picture
Mr. Smith, 62, will remain as chairman. Mr. Bottorff declined to say whether he expected eventually to succeed Mr. Smith in that job as well.
Mr. Bottorff said his move back to Nashville was based on "a combination of career opportunity and personal values." He had managed a Nashville bank during the mid-1980s and still maintains a residence there.
Mr. Bottorff said he and his wife always considered Nashville their home.
"We'll be returning to a fine quality of life," Mr. Bottorff said, noting that his duties at C&S/Sovran involved frequent travel between the holding company's dual headquarters in Norfolk and Atlanta.