Local boards are combined size reduced

April 19, 1994|By David Conn | David Conn,Sun Staff Writer

Gone are the "mn" letters atop the Maryland National Bank Building, and gone, too, are many of the directors who served the boards of Maryland National and NationsBank Corp. in this area.

NationsBank, based in Charlotte, N.C., informed more than half the members of its boards of directors in Baltimore and Washington last week that their services would no longer be needed.

Instead, three distinct boards serving three local subsidiaries -- Maryland National, American Security and NationsBank of Maryland -- have been consolidated into one. A combined total of directors on the three boards has been reduced to 19.

This latest move comes as the company tries to rid itself of the legal distinctions between its various bank subsidiaries to cut costs and unify operations.

In February, federal regulators approved NationsBank's request to merge Washington-based American Security into Maryland National, which eventually will be consolidated with NationsBank Maryland.

Separately, NationsBank retracted an application last month to merge what would be the surviving Maryland bank into NationsBank of Virginia because of opposition by Maryland bank regulators.

About the same number of outside directors were cut from the Baltimore and Washington areas, but Baltimore is left better represented, with about 10 directors compared with five from the Washington area. The rest are either from outside the two cities or work for NationsBank.

Continuing directors in the Baltimore area include George V. McGowan, former chairman of Baltimore Gas & Electric Co., and developer Otis Warren Jr.

Cut from one or another of the old boards were several longtime directors, including Environmental Elements Corp. Chairman Richard E. Hug, and Francis X. Knott, president of Carlisle Associates Inc. in Towson.

"They just said that it was more manageable having fewer directors," Mr. Knott said. "Are my feelings hurt? No."

But, he added, "You do feel a little hurt because of all the years you put in."

NationsBank spokesman Daniel Finney said the new board "is a balanced representative mix of business and community leaders who will serve the company in an objective and beneficial manner."

He declined to predict what might happen to the new local board if an expected national interstate branching law passes. The bill before Congress would allow the company to dispense with maintaining separate subsidiary banks in each state.

NATIONSBANK BOARD

NationsBank Corp. has combined its 42-member boards for Maryland National Bank, NationsBank of Maryland and NationsBank of D.C. into one 19-member board:

3' Name .. .. .. .. .. .. .. ..Company

William F. Blue **.. .. .. .. ..Ober, Kaler, Grimes & Shriver

Joseph C. Eanes Jr.* .. .. .. ..Fidelity & Deposit Co. of Maryland

Michael Glosserman.. .. .. .. .JBG Cos.

William F. Gorog**. .. .. .. .. U.S. Order Inc.

Michele V. Hagans.. .. .. .. ..Fort Lincoln Realty

James H. Hance Jr** .. .. .. .NationsBank Corp.

H. Grant Hathaway*.. .. .. .. ..Maryland National Bank

William L. Jews*.. .. .. .. .. .Blue Cross Blue Shield ofMaryland

Kenneth D. Lewis .. .. .. .. .. NationsBank Corp.

George V. McGowan*.. .. .. .. ..Baltimore Gas and Electric Co.

Warren K. Montouri.. .. .. .. .Warren K. Montouri Inc.

Morton I. Rapoport*.. .. .. .. .UM Medical System

Alfred P. Shockley**. .. .. .. .Shockley Inc.

Eugene Taylor* ** .. .. .. NationsBank Mid-Atlantic Banking Group

J. Richard Thomas**. .. .. .. ..Thomas Associates

James W. Thompson* ** .. .. ..NationsBank Corp.

Stephen J. Trachtenberg*.. .. ..George Washington University

Oliver S. Travers Jr.*.. .. .. .Schenuit Investments Inc.

Otis Warren Jr.**. .. .. .. .. .Otis Warren Real Estate Services

* Former Maryland National board member

** Former NationsBank of Maryland board member

Former NationsBank of D.C. board member

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.