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UPDATED: Interim Sanitary Board Director Named, Received Regulatory Penalties as Former Broker
Mr. Akers is presently a partner in Metrec of West Virginia and was the former Vice Chairman and Chief Executive Officer of Ferris, Baker, Watts, Incorporated, a privately held, employee-owned full service investment broker dealer and investment banking firm that was based out of Baltimore, Maryland with over 900 employees and offices in 11 states, including West Virginia, and the District of Columbia. Ferris, Baker, Watts, Incorporated was acquired by the Royal Bank of Canada (RBC) in 2008. He also served as Vice Chairman of the Abigail Adams Bank in Washington, DC. Mr. Akers serves as a consultant to businesses throughout the nation, and has numerous other business partnerships and relationships within the Greater Huntington Area.
Mayor Williams, who serves as Chairman of the Huntington Sanitary Board said, "On behalf of my fellow Sanitary Board members, Garry Black and Alex Vence, we are pleased to announce the appointment of Lou Akers as the Interim Executive Director of the Huntington Sanitary Board. Lou brings to us a wealth of experience in managing complex corporate enterprises. His knowledge of and contacts in the capital markets will help us immeasurably. We have an aging sewer system and a treatment plant that was constructed over 50 years ago. In order for Huntington to be prepared to resume our expected economic and population growth we must assure that our basic sanitary sewer services are capable of meeting the growth demands. Lou Akers will help us evaluate our system and determine the proper course of action to take that will affect our growth and vitality for the next 20 years. Fortunately, we have a highly technically talented and experienced staff of employees who are able to execute the strategies that we on the Board will authorize. We need Lou Aker's talent and experience coupled with the technical and professional expertise of our employees to guide us as we navigate these untested waters."
Mr. Akers and his wife Patty reside in Huntington. Patty is Lou's rock and cheerleader!
EDITOR'S NOTE: In an interview with the Herald Dispatch, the Mayor , a former investment broker, discussed the Securities Exchange Commmission penalties received while at Ferris Baker Watts for failure to supervise a lower level employee.
Williams told Bryan Chambers, "I know Lou, and I trust him, and his business acumen and awareness of the capital markets is what we need right now given everything we are facing at the Sanitary Board," Williams said. "He came to me before I appointed him and he asked me if the SEC sanctions would be an issue, and I said absolutely not."
To read about how Akers refuted the allegation, follow this link to a Baltimore Sun story: http://weblogs.baltimoresun.com/business/hancock/blog/2010/09/fbws_lou_akers_im_not_a_bad_gu.html
He told the Baltimore Sun on September 9, 2010 that he lost 47 pounds and settled with the SEC.
In addition, Abigail Adams Bank in Washington, D.C. of which Askers was executive vice president merged with Premier Financial Bancorp, a Huntington, WV based multibank holding company, for which Marshall Reynolds is the chairman, according to the Wall Street Journal. See, http://quotes.wsj.com/PFBI/company-people.
At the time of its acquisition, Akers stated: We are excited by the opportunities to merge with Premier. We believe Premier is a vibrant and growing community bank franchise. Their management team has a history of operating banks that are strong, healthy performers within their local communities with an inviting, friendly community bank atmosphere. Through Premier’s network of affiliated community banks, we will be able to complement Adams current loan and deposit products.”
Reynolds son, Doug, recently acquired The Herald Dispatch from the cash strapped Champion Industries.