The management of First Maryland Bancorp has shuffled the decks in its executive ranks for the second time since a new chief executive joined the company this spring.
Three senior vice presidents -- in charge of the retail branch system, the brokerage subsidiary, and Washington area commercial banking -- either have left the company or are due to leave shortly. Two of the three positions were either eliminated or consolidated.
The moves come six weeks after First Maryland's new president and chief executive officer, Frank P. Bramble Sr., brought several former colleagues on board and reorganized the executive team at Maryland's second-largest banking company. First Maryland, the parent of the First National Bank of Maryland, has $10 billion in assets.
Company spokesman Ronald McGuirk said the recent shift left no positions available for senior vice presidents Donald E. Sheeler, who was president of First Maryland Brokerage Corp., and Richard F. Barnard, who headed the bank's branch system.
"I have a tremendous commitment and emotional investment in this company," said Mr. Barnard, a 14-year veteran at First Maryland. "I'm disappointed, and would like to contribute more, but I know the people there will continue to provide the same level of service to their customers."
Mr. Sheeler could not be reached for comment.
In addition, Senior Vice President William P. Young, who was in charge of commercial banking in the Washington area, left a few weeks ago to become president of the National Bank of Fredericksburg. The Virginia company, which has $236 million in assets, is due to be acquired by Mercantile Bankshares Corp., the two companies announced in March.
Mr. Young was out of the office yesterday, and couldn't be reached.
Mr. Bramble's earlier restructuring split the company into a Washington region, headed by Executive Vice President Walter R. Fatzinger Jr., and a Maryland region, run by Executive Vice President Jeffrey D. Maddox. Both worked with Mr. Bramble at MNC Financial Inc. before it was acquired by NationsBank Corp. last year. The two men joined First Maryland last month.
In this week's reorganization, Mr. Fatzinger has replaced Mr. Young with Maureen T. Konschnik to run commercial banking operations in the Washington area. Ms. Konschnik was promoted to senior vice president. Scott Wilfong remains in charge of commercial banking in the Baltimore area.
Bonnie B. Stein, who has run First Maryland's mutual fund operations, was given responsibility over the brokerage this week. That position might not be permanent, Mr. McGuirk said. Ms. Stein also was promoted to senior vice president.
The company's branch system, which had been run by Mr. Barnard, has been split into two regions. Mr. Fatzinger has chosen Diane E. Murphy, a former retail banker who lately has run the company's benefits program, to head the Washington area retail system.
Mr. Maddox has decided to oversee the Baltimore area branches himself, and not to replace Mr. Barnard, according to Mr. McGuirk.
First Maryland has few branches in the Washington metro area, and Mr. Bramble has said one of his priorities is to build more of a presence there.
"With First Maryland's strong balance sheet and strong capital base we are positioning the company for substantial growth," Mr. Bramble said in a statement yesterday. "As a result, our employment base will continue to grow as well."