Felton Bank seeks a new top executive

Article Abstract:

Felton Bank, the smallest bank in Delaware, is conducting a search for a new chief executive officer following the resignation of president and chief executive officer Barbara C. Jarvis and chairman Richard A. McCloskey. Both Jarvis and McCloskey cited personal reasons connected to family health as the reason as to why they made a decision to leave their respective posts. Edwin Kee, a bank director since 1992, has been tapped to replace McCloskey, who remains on Felton's board of directors. Robin M. Deputy, Felton's vice president for human resources, has been designated to serve as interim chief operating officer until a new CEO is found.

Comment:

Is conducting a search for a new CEO following the resignation of pres & CEO Barbara C Jarvis & chrmn Richard A McCloskey

Executive changes & profiles, Felton Bank

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Agency lowers MBNA debt outlook

Article Abstract:

MBNA Corp.'s debt outlook has been reduced by New York, NY, debt rating agency, Standard & Poor (S&P) saying the credit card bank may not have adequate capital against possible losses on its loans. S&P lowered MBNA's as well as its subsidiary MBNA America Bank's debt outlook from "stable" to "negative" on the belief that bank's capital growth had not matched its 23% loan growth in the first nine months of 1998. Even as S&P retained the bank's current rating of BBB, the rating agency cautioned MBNA that it will lower the rating if the bank's performance does not satisfy analysts' expectations.

Comment:

Its debt outlook is reduced by Standard & Poor saying the bank's capital growth does not match the bank's 23% loan growth

Strategy & planning, MBNA Corp.

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Finance mergers fought from a new angle

Article Abstract:

Travelers Group's merger with Citicorp and Household International's purchase of Beneficial Corp. of Wilmington, DE, are being opposed by Delaware community activists. The Delaware Community Reinvestment Action Council and the Inner City Press/Community on the Move of Bronx, WY, have charged the the mergers and acquisitions would be harmful to residents of Delaware. In a letter to the state Insurance Department, the two groups accused the merging firms of insurance redlining and predatory lending.

Comment:

Its purchase of Beneficial Corp of Wilmington, DE, is being opposed by Delaware community activists

United States, Asset sales & divestitures, Acquisitions & mergers, Insurance, Insurance Carriers and Related Activities, Personal Finance Companies, Consumer Lending, Consumer finance companies, Citicorp, Household International Inc., Travelers Inc., Beneficial Corp.

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