SENATE JOINT RESOLUTION NO. 507 Offered February 14, 2007 Celebrating the life of Sidney A. Bailey. ---------- Patron-- Stosch ----------

WHEREAS, Sidney A. Bailey, former Commissioner of Financial Institutions for the State Corporation Commission, died on October 28, 2006; and

WHEREAS, a native of West Virginia, Sidney Bailey graduated from high school in Christiansburg, Virginia, in 1947 and immediately enlisted in the Navy; and

WHEREAS, Sidney Bailey switched to the Air Force in 1950 and served in the Korean War; and

WHEREAS, after graduating from the University of Virginia's McIntire School of Commerce in 1958, Sidney Bailey joined the federal Office of the Comptroller of the Currency (OCC) as an assistant national bank examiner; and

WHEREAS, in 1967, Sidney Bailey earned a master's degree in business administration from the College of William and Mary and then worked in the OCC's regional office in Richmond from 1967 to 1970; and

WHEREAS, after spending a year in Washington, D.C., as assistant chief national bank examiner in the OCC, Sidney Bailey moved to Memphis, Tennessee, to be Deputy Regional Administrator of National Banks, a position he held from 1971 to 1977; and

WHEREAS, in 1977, Sidney Bailey was hired to lead the Virginia Bureau of Financial Institutions, a division of the State Corporation Commission, and he rendered distinguished service to the Commonwealth for two decades, making sure Virginia financial institutions lived up to their obligations to their customers; and

WHEREAS, the greatest challenge of Sidney Bailey's tenure was the savings and loan crises of the 1980s and early 1990s, and it is in part due to his wisdom and leadership that Virginia banks escaped relatively unscathed from those tumultuous years; now, therefore, be it

RESOLVED by the Senate, the House of Delegates concurring, That the General Assembly hereby note with great sadness the loss of Sidney A. Bailey, a dedicated public servant and a fine Virginian; and, be it

RESOLVED FURTHER, That the Clerk of the Senate prepare a copy of this resolution for presentation to the family of Sidney A. Bailey as an expression of the General Assembly's respect for his memory.