BANK OFFER WASHED OUT DEANE S JOB BRIEFS

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP75-00001R000300100002-2
• Release Decision: RIPPUB
• Original Classification: K
• Document Page Count: 2
• Document Creation Date: December 15, 2016
• Document Release Date: November 14, 2003
• Sequence Number: 2
• Publication Date: November 12, 1962
• Content Type: NSPR

roved For Release 200Wd 2/022 $IA-- 75-00001 R
Yi1'(,jirrP
Trade Names
ILLEGIB
Bank Offer Washed Out Dean's Job_
By JAMES HANSCOM
News Leader Business Editor
At Harvard, Frederick
Deane Jr. was-carefully in-
stracte2t nTf" iiow "to look for
a job.
But, his only efforts to put
his learning into practice just
p xluced "enough grocery
lists to last my wife for a
couple of years."
"I had the program
l7~re I never spun the first
wheel," Deane said in a man-
ner that might have indicat-
cd reflecting on the missed
chance.
In his case, however, it
was that the first chance
was enough.
It happened at the end of
the Korean War, when Deane
kwgs finishin =,his_ xixrrilitary.
tour with the Central Intel-
With his family back-
ground and his master's de-
gree in business administ.ra-
iion, there was no doubt
that he was headed toward
a career in finance. Carefully
he prepared his resumes, and
systematically he prepared to
mail them out to the finance
officers of the top 500 com-
panies listed in Fortune.
In the meantime, however,
Deane, through his wife's
family, had become acquaint-
ed with a prominent Rich-
nionder, who helped arrange
ar, interview with Thoruas C.
Boushall, then president of
the Bank of Virginia.
O"T,RED JOB
Boushall apparently liked
what he saw, because he of-
~fered Deane a job as his as-
sistant. Deane, then 26, didn't
take long to accept.
Those other jobs? "I never
made the first application,"
Deane recalled with a
chuckle at the events that
converted his resumes into
memo pads.
Deane joined the Bank of
Virginia in August, 1953, and
has since established him-
self as one of the up-and-
coming young, bankers in Vir-
ginia. financial circles.
He is senior vice president
of the bank and also has
undertaken a key role in the
bank's efforts to join in the
forces that are fast making
deep competitive changes in
the state's traditional bank-
ing alignments. Deane is exec-
utive vice president and
operating head, of the Vir-
ginia Commonwealth Corpo-
ration, `liolding company
that is designed to combine
the Bank of Virginia and
four other banks.
For the past year - or
more - Deane, as well as
other bank officers, has been
involved in the seemingly
endless array of details of
the proposed expansion. The
pace has been hectic,, and
Deane at times bas. had to
hold his breath that no slip-
up, no unnoticed technicality,
would interfere with the nec-
essary clearance by securities
and banking authorities.
'EXCITING BUSINESS'
On October 25, the Federal
Reserve Board gave the go-
aliead, and in a recent inter-
view, Deane relaxed behind
his paper-stacked desk and
said: "Banking is an exciting
business."
]cane, known as "Rick,"
a. broad-shouldered man
well over six feet tall with
blond hair that is receding at
a pace' much too hurried for
him, When he speaks, he
mixes a casual affability with
a natural talent for explain-
ing complex things in an
easily comprehensible way.
Deane was born Aug. 5,
1926.1n. Boston, Mass. into a
background of finance. Grow-
ing up, he heard endless tales
of banking-from his father,
in investment banking, and
his uncle, a bank president
in New York.
Deane attended Milton
Academy In Massachusetts
and graduated just in time
for army duty In 1944. From
private to first lieutenant he
went, and then in 1946 he
was discharged and entered
Harvard.
In 1948, he married the
Briefs_
(staff Photo)
RICK DEANIE STANDS BEHIND HIS DESK
former Dorothy Legge of terested in coming to Virginia
Charleston, S. C., a Southern because of the growth , po-
belle who went northward teTiftal?the area offered, co-
p?xed to jTls native New En;-
with two schoolmates and,,,,
ran into Deane on, a blind land.
date. . _ !ir; r The Bank of Virginia per-
ACTIVE DUTY
Deane received his degree
in 1951 and was promptly
recalled to active duty.
Tapped as an army finance
officer, Deanne instead wound
up in-the CIA in a role far
p(mioveij frori narice. The
work` was "fascinating."
Deanejsaid, and he considered
remaining with the CIA per-
rnanently.
"He`"`left; but he brought',,
solely-, because it is unable
to defend its actions publicly.
After the CIA, came Rich-
mond and the Bank of
Virginia. He said he was in-
haps typifies Virginia's eco-
nomic growth. In 1952, the
bank had assets of 98 million
dollars; the assets are now
estimated at 171 million do]-
liars.
In that same time, Deane
moved from assistant to the
president to vice president in
1957, and was promoted to
senior vice president in 1959.
His Present duties include su-
pervising the investlnt de-
partment and staff- re'lations
department, and he is 'chair-
man of the senior manage-
ment credit committee.
The bank is obviously aim-
ing at more expansion, espe-
cially in the commercial sec-
tor-notably tough to break
into.
Tl_e expected impact of
bank consolidations-through
holding companies and
mergers-at a time when the
state is beginning to flex its
industrial development
muscles makes Virginia a
particularly stimulating fi-
n'ancial area at present, Deane
feels.
Deane said he has been at-
tracted to the securities field.
Approved For Release 2003/12/02 : CIA-RDP75-00001 R000300100002-2
 Approved For Release 2003/12/02 : CIA-RDP75-00001 R000300100002-2
but is convinced that the
banker's role of lending
money keeps him "more in
touch with the wheels of in-
dusti'y "
Part of the aim of larger
banking concentrations is to
bring back into Virginia the
larger companies that now go
to New York to get loans---
and to leave accounts.
Bit, he said, the large bank
cc'nccntxations of North Caro-
lina "will never happen here,"
bemuse of competition, tradi-
tion and the attitude of the
Justice Department. In ap-
11roving the formation of Vir-
ginia Commonwealth Corp.--
which will become Virginia's
fourth largest banking agency
-- the Federal Reserve Board
had to overrule the opposition
of the Justice Department.
As operating head of a hold-
ng comPanV--=a relatively
new phenomenon inVirginia
-Deane admitted that there
is "lots to learn."
As he sees ?it, the holding
company will depend on a
loose. co-operation" between
the five members. The de-
tails of each operation won't
be tightly controlled and each
member will retain local au-
tonomy, he said. This is not
the case when a hank op?-
era t:~s a branch, he added.
"We'll he selling rather
Than telling," he said, when
he holding conctr