Pheobus retiring

March 08, 2001

Pheobus retiring


Richard W. Phoebus Sr. said Wednesday he is retiring from Home Federal Savings Bank, ending a 41-year career in the banking industry.


Phoebus also said that Home Federal Savings Bank and Farmers & Mechanics National Bank would consolidate.

Phoebus, 62, has been chairman, president and chief executive officer of Home Federal since January 1981.

His retirement is effective April 30.

"This is a good time to retire," he said.

The Hagerstown-based Home Federal Savings Bank has 35,000 accounts from about 17,000 families, Phoebus said. It has 10 offices, including nine in Washington County and one in Allegany County.


There will no noticeable changes for customers of either bank as a result of the consolidation, he said. There will be no need, for instance, for customers to obtain new checks or change account numbers, he said.

The consolidation was made easier by the fact that Home Federal headquarters are in Hagerstown and F&M's are in neighboring Frederick County, Md., Phoebus said.

There will be no layoffs resulting from the consolidation nor have there been any since Farmers and Merchants Bancorp, F&M's parent company, acquired Home Federal in 1996.

Since that acquisition, the two banking organizations have remained somewhat independent, maintaining separate regulators, audits and bookkeeping, Phoebus said.

He said the possibility the consolidation wouldn't be approved by authorities was "slim to none."

Although he's leaving the banking industry, Phoebus said he won't be sitting around the house.

"I have no intention of becoming a couch potato," he said.

He said he is talking with officials of a nonprofit community organization about running the organization. He wouldn't name the organization, but said he would do so by the end of March.

Phoebus said he wants to work for another six or seven years.

On Sept. 28, 2000, Phoebus was named business volunteer of the year by the Hagerstown-Washington County Chamber of Commerce.

He said he will continue to serve on local committees.

He is chairman of the Hagerstown-Washington County Chamber of Commerce Stadium Task Force and the Washington County Airport Commission and is on the board of directors of Hagerstown Neighborhood Housing Services, the Chamber of Commerce and is a trustee for the Hagerstown YMCA.

Phoebus began working for Century Savings & Loan Association in Baltimore in 1959. He worked for Securities Savings & Loan in Baltimore from 1965 to 1978, becoming president in 1973. From 1977 to 1978, he was with Metropolitan Federal Savings Bank in Bethesda, serving as executive vice president.

From 1979 to 1981 Phoebus was president and CEO of Liberty Savings & Loan in Warrenton, Va.

In 1981, Phoebus joined Home Federal Savings bank as president and CEO.

He also rose to the rank of colonel in the U.S. Army Reserve, from which he retired in 1993.

Phoebus will continue to serve as a director of F&M Bancorp.

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