STATE COLLEGE, Pa., Dec. 22 /PRNewswire-FirstCall/ -- David B. Lee has
announced that he will retire as Chief Executive Officer of Omega Financial
Corporation (Nasdaq: OMEF) as of December 31, 2005, remaining as chairman.
Accordingly, Donita R. Koval, currently serving as President and Chief
Operating Officer, has been named by the board of directors to succeed Lee as
CEO effective January 1, 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO)
Lee has been with Omega and its predecessors for more than 40 years,
having joined the firm in August of 1964. After serving in a variety of
positions, he was named as CEO of Peoples National Bank in 1977. Mr. Lee
became chairman and CEO of Omega Financial in 1986. Omega Financial was
formed as a bank holding company in 1986 with the merger of Peoples National
Bancorp, Inc. and Heritage Financial Services.
A Centre County native, Lee is a graduate of State College area schools
and holds a bachelor's degree in mathematics from Lycoming College. During his
career with Omega, he has served in a variety of leadership positions with the
American Bankers Association (ABA), the Pennsylvania Bankers Association (PBA)
and the Independent Bankers Association of Pennsylvania. He is a former member
of the Board of Directors of the Federal Reserve Bank of Philadelphia as well
as a former board member of ABA's national Bankpak and PBA's Governing
Council. He has been a frequent participant in PBA seminars and workshops on
investments, improving bank performance and personnel management.
Locally, he has chaired or served on the boards of numerous business and
community organizations, including Centre Community Hospital, the Centre
County Housing Authority and the State College Downtown Improvement District.
He was named Penn State's Renaissance Man of the Year in 1997.
In the span of years covering Mr. Lee's career, the Omega franchise has
grown from $13 million in assets to the just under $2 billion in assets
reported at the end of this year's third quarter. The company has successfully
undertaken a series of acquisitions, the most recent being that of Sun
Bancorp, which was completed in the fourth quarter of last year. Omega Bank
has over 65 offices in 14 Pennsylvania counties.
"Although today's banking industry bears little resemblance to the one in
place when I began my career, I believe that the personal service we as
bankers perform when we help people with their finances still defines us.
Technology may assist us, but there are few things more personal to an
individual, a family or a business than financial matters. I would hope that
the industry never loses sight of that fact," Lee said. "I have been fortunate
in leading a banking organization that shares a commitment to delivering
outstanding customer service. Our employees realize the great truth embodied
in our theme, 'Our Customers ... Our Future'."
Donita R. Koval will continue to serve as President and CEO of the firm's
principal subsidiary, Omega Bank. Koval, an employee of Omega since 1987, was
recently named to U.S. Banker's prestigious list of 25 Women to Watch for the
second consecutive year, advancing to the number six position on the list. She
is one of only eight women bank CEOs in the Commonwealth.
"Dave Lee defined banking in the Centre Region," Koval said. "His depth of
experience, along with his foresight and dedication, have been an inspiration
to me, as they have been to all of the Omega Bank family. The best way we can
honor his career is to continue the values of integrity and service that he
embodies every day."
SOURCE Omega Financial Corporation
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Related links:
http://www.omegafinancial.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Teresa Ciambotti, SVP, Director of Investor
Relations of Omega Financial Corporation, +1-814-231-6401
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