Urban Trust Bank Hires New Chief Executive

Daniel C. Fischer will replace Dwight L. Bush as chief executive officer of Bethesda-based Urban Trust Bank, Urban Trust Chairman Robert L. Johnson announced today.

Bush said he was stepping down voluntarily after helping Johnson grow Urban Trust from a single, federally chartered savings bank in Orlando into what Bush called "a formidable brand among minority banking institutions."

"You really need a person with specific experience in retail banking and that's what Dan has," Bush said in an interview. "I am going to return to the private equity and institutional investing business, which I enjoy."

Bush, 50, has worked with Johnson for almost three years to get the bank started, helping with the Orlando acquisition and with a deal that will put Urban Trust branches in Wal-Mart stores. He also spearheaded the bank's alliance with a credit card company.

Bush said he will continue to hold shares in the bank and will consult with Fischer during the transition.

Fischer is a veteran bank executive and most recently managed more than $3 billion in assets as president of KeyBank in Dayton, Ohio. He has worked at Associated Banc-Corp. and at Fifth Third Bancorp.
Urban Trust a year ago opened a sleek flagship branch at Franklin Square in downtown Washington.

Johnson's RLJ Cos. in Bethesda owns a majority stake in Urban Trust, and a minority interest is held by Georgia multimillionaire Frank J. Hanna Jr. Johnson has said he plans to open seven branches in Wal-Mart Supercenters initially and expand at a later date.
--Thomas Heath

By Mike Shepard  |  October 3, 2007; 6:43 PM ET  | Category:  Finance
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