Advertisement
HomeCollectionsMbna Corp
IN THE NEWS

Mbna Corp

FIND MORE STORIES ABOUT:
FEATURED ARTICLES
BUSINESS
July 12, 1991
The former subsidiary of MNC Financial Inc. that is one of the nation's biggest issuers of credit cards said yesterday that it earned $33.2 million during the quarter that ended June 30, up 15.2 percent from its earnings for the same quarter of 1990.MBNA, based in Newark, Del., is the parent company for MBNA America Bank. The bank is the nation's third-largest credit card issuer.MBNA said that the delinquency rate on its credit card loans fell to 4.2 percent on June 30 from 4.52 percent at the end of last year.
ARTICLES BY DATE
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | November 27, 2012
John R. Cochran Jr., former Washington postmaster and a World War II veteran, died Wednesday of pneumonia at Stonegates Retirement Community in Greenville, Del. He was 87. The son of a dairyman and a teacher, John R. Cochran Jr. was born in Monkton and raised in Taylor, Harford County. After graduating in 1941 from Bel Air High School, he moved to Baltimore and went to work for the Baltimore Gas and Electric Co. Drafted into the Army Air Forces in 1943, Mr. Cochran served as a radio operator and turret gunner aboard B-24 bombers in Europe as a member of the 376th Bomb Group of the 514th Squadron.
Advertisement
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | January 23, 1991
The new stock for MBNA Corp., the former credit car subsidiary of MNC Financial Inc., has received a warm reception on Wall Street, jumping from an initial offering price of $22.50 a share to $23.75 by early afternoon today.MBNA was the second most active stock on the New York Stock Exchange, with about 1.7 million shares traded by early afternoon today. Ford Motor Co. was the most active.Yesterday MBNA also was the second most active stock, behind Citicorp, with about 4.1 million shares changing hands.
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 Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | February 2, 1997
To hear Charlie Cawley tell it, MBNA Corp.'s 15-year rise from nothing more than a bank spinoff housed in a small, derelict former A&P supermarket to the world's second largest credit card company didn't happen by design."
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | January 15, 1991
Using $271 million in loans from its subsidiary banks, MNC Financial Inc. said today it will be able to make $271 million in payments to note holders that came due today.MNC, the parent company of Maryland National Bank and American Security Bank in Washington, also announced that it had repaid the $375 million owed to a syndicate of banks headed by Morgan Guaranty Trust Co. of New York.In eleventh hour maneuvering, MNC received approval from federal regulators to borrow the money from its solvent banks to shore-up the cash poor holding company.
BUSINESS
By Peter H. Frank | March 15, 1991
MBNA Corp., the former credit-card subsidiary of MNC Financial Inc., received some welcome news yesterday as Standard & Poor's Corp. upgraded its rating on the certificates of deposit issued by MBNA's major banking unit.S&P, citing a healthy customer base and strong earnings at MBNA America Bank N.A., raised the bank's rating to triple-B-plus from double-B on CDs of more than a year's duration. CDs of a year or less were upgraded to A-2 from single-B.MBNA had been on S&P's CreditWatch with positive implications since Feb. 11, just weeks after the company was spun off in a public stock offering.
BUSINESS
By Ross Hetrick and Ross Hetrick,Sun Staff Writer | September 23, 1994
Harry G. Pappas, a former top official of Meridian Healthcare Inc. and MBNA Corp., has been named chief financial officer of Youth Services International, an Owings Mills company that manages facilities for troubled youth."
BUSINESS
January 20, 1993
MBNA Corp., a Delaware-based credit card banking company, said yesterday that it earned $51.8 million, or $1.04 a share, in the quarter that ended Dec. 31, compared with earnings of $44.9 million, or 90 cents a share, in the same period a year ago.MBNA, which was sold to the public in 1991 by its former parent, MNC Financial Inc., showed a comparable increase in earnings for the full year, with a 15.8 percent rise to $172.7 million, or $3.45 a share.MBNA's board also announced yesterday a two-for-one stock split, payable on Feb. 12 to shareholders of record on Feb. 3.The board also voted to raise the quarterly dividend to 48 cents a share from 44 cents, which would be 24 cents a share after the split.
BUSINESS
October 7, 1992
Dell offers sales by phoneDell Computer Corp., a pioneer in the sale of personal computers via direct mail, made a big push into the software distribution business yesterday with a bold sales program that offers one-stop shopping by phone. The company introduced a full range of PC software and peripheral products in a package called DellWare in a bid to to compete against computer retail outlets.DellWare includes more than 650 products from leading vendors that can be ordered through a toll-free phone number for delivery the next business day. Dell stock rallied $1.625, or about 6 percent, to close at $29 a share on the NASDAQ market.
BUSINESS
By BLOOMBERG NEWS | January 21, 2005
WILMINGTON, Del. - MBNA Corp. said yesterday that its earnings rose 9.3 percent as credit quality improved, but it will incur as much as $350 million in costs as it sheds about 1,000 jobs. The world's largest independent charge-card company said its fiscal third-quarter net income increased to $768.9 million, or 59 cents a share, from $703.5 million, or 54 cents, a year earlier, topping estimates by a penny a share. MBNA is cutting jobs as growth in loans wanes, a result of its decision to back away from zero-interest credit-card promotions.
BUSINESS
By BLOOMBERG NEWS | April 22, 2004
WASHINGTON - MBNA Corp. won a U.S. Supreme Court decision yesterday that lets companies continue to charge interest on fees customers must pay when they exceed their credit limits. Credit card companies can impose the fee separately from finance costs, the justices said in unanimously affirming a Federal Reserve Board rule. The court rejected a customer's claim that MBNA, the world's second-largest credit card issuer, should be barred from listing the fee as a separate purchase that accrues interest charges.
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | November 29, 2003
Charles M. Cawley, who led the move of MBNA Corp. from Maryland to Delaware and helped build it into the world's second-largest credit-card company, will retire Dec. 30, capping a 22-year career as a financial innovator and influential civic leader with strong political ties. MBNA's Maryland roots will continue to be felt in the executive suite. The 63-year-old Cawley will leave two former Baltimoreans to head the company, which employs 1,200 at an operations center in Hunt Valley - a fraction of the 10,500 it employs in Wilmington and elsewhere in Delaware.
BUSINESS
By BLOOMBERG NEWS | November 6, 2002
WILMINGTON, Del. - MBNA Corp.'s board appointed director Randolph Lerner as chairman and Charlie Cawley, the second-biggest credit-card issuer's president, as chief executive officer yesterday. The two men succeed Al Lerner, Randolph's father, who died of brain cancer at age 69 last month. He also owned the Cleveland Browns professional football team. Randolph Lerner, 40, has been on the board since 1993 and is a partner at the investment management firm Securities Advisors L.P., the successor of R.D. Lerner Securities Inc., which he has managed since September 1991, according to a filing with the U.S. Securities and Exchange Commission.
NEWS
By Bill Atkinson and Bill Atkinson,SUN STAFF | June 4, 2002
Frank P. Bramble, the former chairman of Allfirst Financial Inc., which lost millions in a currency trading scandal, will take a job at MBNA Corp., the giant Delaware credit card issuer. Bramble, who turns 54 this month, will be vice chairman of a Wilmington-based subsidiary, MBNA America Bank N.A., and a member of its management committee. He will join the company next month. "All of us at MBNA have known Frank for many years and often talked with him about joining us," Charles M. Cawley, MBNA Corp.
BUSINESS
By BLOOMBERG NEWS | September 16, 2000
Wilmington, Del. - MBNA Corp. agreed yesterday to settle a class-action lawsuit accusing the world's No. 3 credit-card issuer of misleading consumers in advertisements for low-rate cards. Lawyers for Andrew B. Spark said they've reached a tentative agreement to resolve allegations that MBNA deceived customers who signed up for the cards and later found out that the introductory low rate didn't apply to new purchases. Spark, a Florida attorney, sued Wilmington, Del.-based MBNA in 1996, alleging that the bank's promotional materials also didn't tell customers that the lower rate applied only to balance transfers from other cards and cash advances.
BUSINESS
March 18, 1997
Lockheed Martin Corp., a Bethesda-based aerospace contractor, was the only Maryland company to be ranked in the top 50 best performing companies by Business Week.The magazine, in its March 24 issue, uses companies in the S&P 500 and ranks them by criteria including growth in sales, profits and return to shareholders. One- and three-year total returns were considered, as were one- and three-year average annual sales growth, one- and three-year profit growth, net profit margins and return on equity.
BUSINESS
By BLOOMBERG NEWS | January 5, 1999
WILMINGTON, Del. -- MBNA Corp., the largest publicly traded U.S. credit-card company, said yesterday that its fourth-quarter net income rose 27 percent to a record, beating analysts' expectations, as it added new customers through marketing agreements with colleges, charities and other groups.The company had net income of $238.3 million, or 30 cents a share, up from $188.3 million, or 23 cents, a year ago. Analysts surveyed by First Call Corp. expected MBNA to earn 29 cents.In each quarter since it went public eight years ago, MBNA has shown earnings increases averaging 25 percent over the year-earlier period.
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.