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By JAY HANCOCK | March 17, 2004
CHARLIE Cawley was schooled by Benedictine monks imbued with humility, but he did not absorb the trait. Why would he? His achievements might have turned St. Benedict himself into a blowhard, and Cawley was no St. Benedict. From scratch, Cawley built a financial company that earned $2.3 billion last year and is worth $34 billion on the stock market. He invented the idea of decorating credit cards with logos of universities and associations, thus getting the organizations to do much of the hard work of peddling the plastic.
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NEWS
By Jacques Kelly, The Baltimore Sun | January 28, 2014
Henry Dilworth Felton IV, a retired bank executive and business owner who was a longtime Stevenson University trustee, died of sepsis related to a blood infection Friday at Sinai Hospital. The Glyndon resident was 70. Born in Philadelphia, he was the son of Henry D. Felton III, a Navy commander, and Martha Oberle, a homemaker. He was a 1961 graduate of Washington-Lee High School in Arlington, Va., and earned a political science degree at the Johns Hopkins University in 1965. He also received a diploma from a Rutgers University graduate program.
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BUSINESS
August 23, 1997
MBNA Corp.'s ratings were lowered yesterday by Standard & Poor's Ratings Group, which said the company didn't set aside enough money to cover potential losses in its fast-growing credit card business.S&P lowered the long-term counterparty and senior unsecured ratings to BBB from BBB-plus, and preferred stock to BB-plus from BBB-minus.Wilmington, Del.-based MBNA, the country's second largest issuer of credit cards, began in Maryland but moved its corporate offices to Delaware in 1982. It will re-establish a presence here next spring when it opens its mid-Atlantic headquarters, with about 3,000 workers, in Hunt Valley.
BUSINESS
By JAY HANCOCK | November 9, 2007
Maryland is having another one of those family feuds about business taxes and regulation that outsiders find hard to follow. "MBNA! Business climate!" "Delaware! Loopholes!" "Marriott!" "Blackmail!" "Fair share!" "Confiscation!" A small state with a liberal legislature, big corporations and neighbors with lower taxes and less regulation is going to have this conversation every five years or so, and it's healthy. Unfortunately, the discussion has a tendency to bulldoze nuances and polarize interest groups no matter what measure is under consideration.
BUSINESS
March 28, 1997
MBNA American Bank will become the official credit card issuer of Major League Baseball, the company said yesterday.MBNA signed Major League Baseball to an exclusive agreement that allows it to use all 30 team logos on its credit cards and in nationwide marketing campaigns.The company will have rights to issue credit cards bearing the marks and logos for other Major League Baseball-related programs, such as the Cooperstown Collection of memorabilia, the Negro Leagues and Major League Baseball events that include the playoffs, World Series and All-Star games.
NEWS
By Ronnie Greene and Ronnie Greene,SUN STAFF | February 14, 1997
Baltimore County's Ethics Commission has concluded that there is no ethics violation in Executive C. A. Dutch Ruppersberger's business relationship with a credit card company planning to move to the area.The commission's unanimous ruling noted that Ruppersberger has recused himself from involvement in the relocation of Delaware-based MBNA Corp., which plans to open a regional headquarters in the area. And it said there was no evidence that his business, a collection agency that handles some work for MBNA, would benefit from the county's dealings with MBNA.
BUSINESS
By Jay Hancock | October 24, 2001
BY MANY accounts, MBNA Corp. President Charles Cawley is a proud, prickly chap, unsuited to respond to the brickbats of running a big company with the bland tact favored by his Fortune 500 peers. Cawley called Jesse Jackson a "damned fool" after Jackson implied managers of the big credit-card concern were "rats" who ran a discriminatory enterprise. Queried once by a journalist about a critical press report, Cawley called it "a bull---- question" about "a bull---- article." Last year two stock analysts who rated the company a "hold" instead of a "buy" were banned from an MBNA conference.
BUSINESS
By BLOOMBERG NEWS | March 12, 1999
WILMINGTON, Del. -- MBNA Corp., the third-biggest U.S. credit-card issuer, agreed yesterday to buy the $103 million credit-card portfolio of First Virginia Banks Inc. of Falls Church, its second acquisition since December.First Virginia, the state's biggest independent bank, said it expects an after-tax gain of $11 million, or 22 cents a share, from the transaction. The deal is expected to close in the first quarter.MBNA and other top credit-card companies are rapidly buying up the card businesses of regional banks who lack the size to operate efficiently in the competitive business.
BUSINESS
By Jay Hancock | December 23, 1996
MBNA CORP. is a lode of Delaware jobs, the No. 2 private employer in that state, a vital force in the fastest-growing economy in the Northeast.It is the second biggest issuer of Visa and MasterCard credit cards in the world, behind Citicorp. Its Delaware offices hand out fortnightly paychecks to 8,600 workers. Its profits have doubled in five years; its stock quadrupled.MBNA is growing so fast that last week it was paying college graduates $100 each merely to attend a job fair in the hope that they might apply.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | February 29, 1996
MBNA America Bank yesterday introduced a premium credit card with a limit that can give consumers who qualify enough cash to put a hefty down payment on a house.The nation's second-largest bank card issuer behind Citibank is offering the no-fee MBNA Platinum Plus Visa or MasterCard, which has a credit limit of up to $100,000.The new card should be in consumers' hands within four to six weeks, said Peter Osborne, a spokesman for the Wilmington, Del.-based company."We are constantly surveying our customers and this is something they told us they wanted," he said.
BUSINESS
By New York Times News Service | February 24, 2007
When Bank of America Corp. announced its $35 billion acquisition of MBNA Corp. in summer 2005, many people questioned whether it would work. MBNA, a stand-alone credit-card giant that started in Baltimore as part of MNC Financial Inc., took pride in its fast-paced and entrepreneurial spirit, its freewheeling spending and a secretive corporate culture. Executives roamed its opulent headquarters in Wilmington, Del., where the phrase, "Think of yourself as a customer," was spelled out in small gold capital letters on both sides of at least 1,700 doorways.
BUSINESS
By JAY HANCOCK | December 20, 2006
Maryland is looking at the same old ideas to overhaul its revenue system. Raise the sales tax. Change the income tax. Snore. It ought to pursue the bold, innovative course taken by West Virginia: Start taxing stuff in other places. Last month West Virginia's Supreme Court of Appeals ruled that MBNA, the credit-card company, must pay West Virginia's corporate income tax for 1998 and 1999 even though MBNA had no operations there. All of MBNA's employees, buildings and other assets were in Delaware, Maryland and elsewhere.
BUSINESS
By THE BOSTON GLOBE | August 27, 2005
BELFAST, Maine - Nearly a decade ago, with little advance notice, credit-card company MBNA Corp. dropped thousands of jobs into this one-stoplight city then poured millions of dollars into local schools and nonprofits - all because, according to local legend, a friendly resident lent money to the man who one day would be MBNA's chief executive when his car broke down. Almost overnight, as MBNA's work force exploded, Belfast was transformed. The city, once home to chicken factories that poured grease and guts into the Passagassawakeag River, began to teem with executives in business suits, talking on cell phones and riding around in black SUVs.
NEWS
July 12, 2005
Now Delaware may get to feel consumers' pain Jay Hancock's column "Plan to buy MBNA may deliver a big blow to tiny Delaware" (July 6) accurately points out the problems that arise when a state changes its rules to lure a big corporation and the accompanying jobs. In Delaware's case, the changes in state law offered up on a silver platter to MBNA (the lifting of the limits on interest rates and fees charged to credit card customers) resulted in a nonstop, no-limit assault on consumers.
BUSINESS
By Jay Hancock | July 6, 2005
CLOSE YOUR EYES, gulp it down and grimace, Delaware. It's a bitter brew. Delawareans are trying to see the bright side of Bank of America's plan to buy MBNA, the Wilmington-based credit-card colossus, for $35 billion. True, MBNA will shrink, Delawareans tell themselves. But the state still has DuPont, a nascent biotech industry and the country's top business-courts mill. Corporate mergers happen every day. Things will eventually be OK for Delaware. Won't they? Yes, but "eventually" can be a long time.
BUSINESS
By Andrea K. Walker and Andrea K. Walker,SUN STAFF | July 2, 2005
WILMINGTON, Del. - MBNA Corp.'s imprint touches so much of this riverside city, some locals joke that the credit-card giant "owns" it. So, when the world's largest independent credit-card lender announced Thursday that it was being bought by Charlotte, N.C.-based Bank of America Corp. for $35 billion in cash and stock, just about everyone in town was talking about what would become of the company, Wilmington and the "First State," as tourism signs proudly proclaim. "Delaware is a small place.
BUSINESS
By THE BOSTON GLOBE | August 27, 2005
BELFAST, Maine - Nearly a decade ago, with little advance notice, credit-card company MBNA Corp. dropped thousands of jobs into this one-stoplight city then poured millions of dollars into local schools and nonprofits - all because, according to local legend, a friendly resident lent money to the man who one day would be MBNA's chief executive when his car broke down. Almost overnight, as MBNA's work force exploded, Belfast was transformed. The city, once home to chicken factories that poured grease and guts into the Passagassawakeag River, began to teem with executives in business suits, talking on cell phones and riding around in black SUVs.
NEWS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF Sun staff writers Liz Atwood and Sean Somerville contributed to this article | February 26, 1997
Credit card giant MBNA Corp. intends to establish its mid-Atlantic regional headquarters in Hunt Valley in April, a facility that the company says will eventually employ 3,000 -- significantly more than originally projected.At that size, MBNA would become Baltimore County's second-largest private employer and generate more than $700 million a year in wages, benefits and taxes to the region."The Hunt Valley area fit our needs, and was attractive from many perspectives," said Peter H. Frank, an MBNA spokesman.
NEWS
By Laura Smitherman and Paul Adams and Laura Smitherman and Paul Adams,SUN STAFF | July 1, 2005
Bank of America Corp. will acquire MBNA Corp. -- the credit card giant that traces its roots to the Baltimore area, where it still has operations -- in a $35 billion cash and stock deal that will result in 6,000 job cuts nationwide. The sale will shake up the credit card industry, likely leaving consumers with fewer choices and higher fees, experts said. And it will reverberate throughout Maryland's business and political establishment, which has long had ties to MBNA's current and former executives.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | July 1, 2005
NEW YORK - When Bruce L. Hammonds, the chief executive of the MBNA Corp., stepped into the company's Sikorsky S76C at the heliport at 34th Street in Manhattan with five senior executives on Friday afternoon two weeks ago, the mood was jovial. The executives had spent the day secretly negotiating to sell their company, one of the nation's largest credit-card issuers, to Wachovia, the big bank. Both sides had agreed to the basic outlines of the deal; the only thing left to settle was the final price.
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