Plans of First Market Bank CEO didn’t include banking

David J. Fairchild figured he would follow his father into the family insurance business.

But that didn't happen. His father died early, and the business was sold to his partner.

"I never thought about being a banker," said Fairchild, CEO of Richmond-based First Market Bank.

Later this year, he will become executive vice president and chief banking officer of the largest community bank in Virginia, after First Market merges with Union Bankshares Corp. of Bowling Green.

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Fairchild, 57, graduated from the University of Nevada in 1974 and headed east for graduate school.

"This was the 1970s, and the West Coast was wacky except for Stanford University, but Stanford wasn't taking me."

The College of William and Mary brought him to Virginia.

The plan was to get his master's in business administration and return to Reno.

A job fair would change the direction of his life. Central National Bank in Richmond, a predecessor bank to Wachovia Corp., had a job opening for a credit analyst.

"The job was in front of me, and I took it. A few months into it and I realized I loved the ability to look at real companies and analyze them. I got to deal with entrepreneurs."

He began dating a Southerner from Orangeburg, S.C. Any plans to return to Reno were dashed. "I fell in love with a gal who was to be my wife, so I was glued."

He also was stuck on Richmond. It's a great place to live and raise a family, he said.

Fairchild and his son, Scott, 26, spend nearly every weekend together in his garage, restoring and working on vintage race cars.

"It's always been our thing," said Scott Fairchild, an automotive technician. "Even when we don't see eye to eye, everything is OK when we're in the garage.

"We lay out a plan, divide it and conquer it. He's a better fabricator. I'm better at engines and stuff. Between the two of us, we can do everything on those cars."

The last race they entered was in June at Virginia International Raceway in Alton. They tied -- finishing in a dead heat and taking first and second place in their class.

"Age and everything else gets equalized on the track," his son said.

Besides racing, David Fairchild's idea of a good time is climbing mountains.

Fairchild trains for big hikes -- "the toughest is Mount Rainier" -- by carrying a 50-pound bag of cement up and down 30 stories, including the parking deck, of a downtown office building.

The most he went up and down the indoor staircase without air conditioning was six consecutive times.

"That's part of the experience, the challenge," Fairchild said. "The thing I like about climbing the most is the camaraderie with the guys."

Fairchild also builds cherry and mahogany furniture -- traditional Queen Anne style. He crafted most of the pieces in his Victorian home, including hutches, tables, bedroom furniture and cabinetry.

"Knowing Dave has added a whole lot of fun to my life," said Mike Bradford, a hiking and racing buddy and former bank colleague.

"He has a great sense of humor. He's a good friend, always willing to help, always interested in what you are up to and what the family is doing. Always positive. Substantive. An excellent banker. A smart guy."

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Fairchild left Wachovia in 2000 to join First Market Bank as executive vice president, heading up lending activities.

"It was a great role. I never thought about becoming CEO. I didn't know where all this would lead."

First Market was three years old then and on the fast track. It had $400 million in assets. It now has $1.3 billion.

"The problem with many community banks, particularly in the early stages, is they can't get enough locations fast enough," Fairchild said.

First Market had that problem solved, because it is majority owned by Ukrop's Super Markets Inc. and the Ukrop family. First Market now has 25 in-store branches and 14 stand-alone branches.

"First Market had instant brand recognition and all the right ingredients for a community bank," Fairchild said. "It truly was a dream come true for me. You couldn't ask for a better boss and owners."

His boss is James E. Ukrop, the bank's chairman and former chairman of the family's grocery business.

"You can count on Dave to do what's right and never let his self-interest get in the way of doing what's right for our customers and teammates," Ukrop said.

Fairchild recalled a meeting with Ukrop, when Fairchild was the incoming CEO. "I talked about numbers and strategy -- and the whole banker thing."

Ukrop interrupted to ask what happened to an administrative assistant named Rachel.

"He cared about the numbers and strategy, but what he really wanted to know about was my effect on the people."

Fairchild assured him that she left for another job, not because of anything he had done.

He realized then the importance of the corporate culture.

"I have tried to create an environment where people laugh a lot, but they work hard and have fun together," Ukrop said. "If you treat your teammates right, they will treat your customers right."

Sherrie Brach, president and CEO of United Way of Central Virginia, said Fairchild is a good adviser, friend and supporter.

Fairchild was treasurer of the nonprofit during a challenging financial period and a leadership transition, when she became president in 2000, Brach said.

"His leadership helped us work through a lot of challenges."

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The opportunity for Fairchild to become CEO arose when John Presley, the bank's first chief executive, left in 2003 to become chief financial officer for First Market Bank's original joint-venture partner, National Commerce Financial Corp. in Memphis, Tenn.

That partnership later was dissolved after Atlanta-based SunTrust Banks Inc. bought National Commerce. Markel Corp., a property and casualty insurance company in Henrico County, stepped in to become First Market's minority investor.

"Dave is well-known through the region as being one of the very best bankers when it comes to credit," Ukrop said. "He is very conservative. He is very fair."

Fairchild will expand his role with First Market's pending merger with Union Bankshares. The $105 million deal is expected to close by year's end, pending regulatory and shareholder approval.

Fairchild will become president of the holding company, Union First Market Bankshares Corp., in addition to being CEO of the combined banks.

"Both organizations have community banking in our DNA. We think alike," Fairchild said.

"The hard thing is to become a bigger bank without becoming a big bank. . . . As a community bank CEO, you are not very far away from customers."

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The ailing economy has hurt all financial institutions, he said.

"We feel the economy just like anyone else," he said. "The good news for us is that while community banks have always been different than national banks, the environment is perfect for us now."

National banks have taken huge hits because they were involved in such risky investments as mortgage-backed securities and derivative products.

"Community banks mostly are in the boring business of accepting deposits and making loans face to face with customers," Fairchild said.

Contact Carol Hazard at (804) 775-8023 or .