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By Kelly Gilbert and Kelly Gilbert,Evening Sun Staff | October 31, 1990
Two Baltimore-area investors have sued sagging MNC Financial Inc. and former chairman Alan P. Hoblitzell Jr. for allegedly misrepresenting the company's financial health and causing shareholders to lose large amounts of money as the company's stock price plummeted in recent months.The suit, seeking unspecified damages, was filed in U.S. District Court here this week by Robert B. Kelm of Towson and Christopher Trikeriotis of Baltimore.It charges MNC and Hoblitzell, who recently retired with a $1.1 million severance payment and at least $400,000 a year in retirement benefits, with violating federal securities laws, negligence and misrepresenting the quality of the company's rapidly-deteriorating loan portfolio.
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BUSINESS
From Baltimore Sun Staff Reports | April 13, 2014
In recent years, Maryland has seen many local banks acquired by out-of-state rivals. A little over a decade ago, the state had 139 banks based here, with 20 of them separately chartered affiliates of Mercantile-Safe Deposit & Trust Co., according to the Maryland Bankers Association. Here are a few of Baltimore's most prominent banks that have been bought up over past three decades. Provident BankĀ (1886-2008) Provident, which had been based in Baltimore since the late 1800s, had long prided itself on its independence.
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BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | July 19, 1991
Frank P. Bramble Sr., 43, has been named the president and chief executive officer of MNC Financial Inc., replacing Alfred Lerner, who has held the position of CEO since September. Lerner, the company's largest stockholder, will remain chairman of MNC and chairman of the executive committee.The bank-holding company today announced a loss of $82 million, or 96 cents a share, during the second quarter. MNC also said it is shifting $1.8 billion worth of troubled loans to a separate subsidiary away from its two banking operations -- Maryland National Bank and American Security Bank in Washington.
BUSINESS
By The profiles on this page were written by Sun staff writer Bill Atkinson | August 4, 1996
One of William Couper's most exciting moments as a young banker in Washington was catching the latest scuttlebutt about Watergate from Woodward and Bernstein. The duo kept their notes in his vault at the bank.But his biggest thrill in the business was the day he was named president of NationsBank's greater Baltimore region.While Couper has worked for large banks, including MNC Financial Inc. and American Security Bank in Washington, none had the clout of NationsBank, which controls at least 18 percent of the Baltimore market, and is the country's fifth largest banking concern.
BUSINESS
By Peter H. Frank | October 18, 1991
MNC Financial Inc., the largest banking company in Maryland, reported a loss of $59 million yesterday as the company's third-quarter results continued to be overtaken by real estate lending woes.But the company, parent of Maryland National Bank and American Security Bank in Washington, showed some signs that the crush of worsening real estate problems that sent MNC reeling over the past year had abated significantly.The third-quarter loss, equal to 70 cents a share, compared with a loss of $173 million a year ago and an $82 million loss in the second quarter of this year.
BUSINESS
By Jon Morgan | January 17, 1992
After hinting last summer that it might show a fourth-quarter profit, MNC Financial Inc. reported just the opposite yesterday: a loss of $82 million, or 96 cents a share.Despite the loss, however, analysts generally were pleased because the results were substantially better than MNC's loss of $198 million, or $2.31 per share, in the same period a year earlier.The Baltimore-based bank holding company had taken steps in recent weeks to warn analysts and investors, so the results were in line with Wall Street expectations, said David S. Penn, an analyst who follows the company for Legg Mason Wood Walker in Baltimore.
NEWS
By Peter H. Frank | October 26, 1990
Swamped by bad real estate loans and coming off a tough regulatory exam, MNC Financial Inc. said yesterday it suffered a record loss of $173 million during the third quarter and would sell its highly profitable credit card unit to raise much-needed capital.The deteriorating condition of MNC, parent of Maryland National Bank and American Security Bank in Washington, led federal regulators to greatly intensify their oversight of the state's largest banking company and severely restrict what actions the company can take without federal approval.
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | April 19, 1991
Helped by the sale of its Delaware credit-card operation, MNC Financial Inc., the parent of Maryland National Bank, reported first quarter net income of $154 million, or $1.75 a share.In 1990, MNC reported first-quarter net income of $6 million, or 5 cents a share.However, without the one-time gain from the sale of the credit-card division, MNC would have lost about $150 million, or $1.75 a share.The credit-card sale amounted to a $444 million pre-tax gain, or about a $300 million after-tax gain, according to a MNC spokesman yesterday.
BUSINESS
By David Conn and David Conn,Staff Writer | October 20, 1992
The bulls have continued to stampede for MNC Financial Inc. in the past few months, led by FMR Corp. of Devonshire, Mass., the parent of the Fidelity Investments mutual fund family.FMR has boosted its stake in MNC to nearly 10 percent of the banking company's more than 89 million shares outstanding, from the 4.5 percent stake that it held on June 30.That would place Fidelity ahead of MNC Chairman Alfred Lerner, who held 8.55 million shares as of the company's April proxy statement. Those shares, assuming Mr. Lerner hasn't bought or sold any since, would represent 9.56 percent of the outstanding shares MNC had on Sept.
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | April 16, 1991
In a massive turnover, 17 of the 26 members of the board of MNC Financial Inc. have stepped down. Ten directors resigned during the year and seven will not run for re-election, according to the proxy statement for the bank-holding company's annual meeting on May 16.The statement, which was recently sent to stockholders, also disclosed that the board is being pared from 26 to 18 people. Among the nine new directors standing for election are A. Linwood Holton Jr., a former governor of Virginia, and Paul X. Kelley, former commandant of the Marine Corps.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 4, 1996
First Maryland Bancorp's president and chief executive said yesterday that he will try to add from $5 billion to $8 billion in assets to the company's books in the next two years.In one of his most aggressive statements in recent months, Frank P. Bramble said in an interview that the company has $300 million at its disposal for deals, and has formed a mergers and acquisitions group that is charged with helping to nearly double the size of the $10 billion-asset banking company.First Maryland also said yesterday that it hired Susan C. Keating to head its retail division, one of the top three jobs at the bank.
BUSINESS
By Bill Atkinson and Bill Atkinson,Sun Staff Writer | August 5, 1995
Susan C. Keating, who earlier this week was officially dismissed as a NationsBank executive, said yesterday that she left the company because of "differences in management philosophy."Ms. Keating, who was interviewed at the foot of her driveway as she was preparing to leave her Hunt Valley residence, declined to comment further on her flap with NationsBank officials.Five weeks ago, NationsBank jolted the local banking community when it confirmed that Ms. Keating was placed on indefinite administrative leave.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | July 1, 1995
NationsBank N.A. has placed its top Maryland executive on indefinite administrative leave, raising questions about local leadership of the state's largest bank.Susan C. Keating, who has run NationsBank's Maryland operation and its consumer banking affairs for the Mid-Atlantic region since the Charlotte, N.C.-based company purchased MNC Financial Inc. in October 1993, left the bank about a week ago, a spokesman said.Although NationsBank officials declined to provide a reason for the abrupt departure, a NationsBank N.A. board member and other sources close to the bank said Ms. Keating's move was precipitated by an offer of a senior position at competitor First Maryland Bancorp, whose primary subsidiary is the First National Bank of Maryland.
NEWS
By Katherine Richards and Katherine Richards,Staff Writer | August 6, 1993
Swapping their corporate garb for sport shirts and lime-green baseball hats, 41 bank executives treated 61 children from the Baltimore YWCA day camp to a day trip yesterday to the Carroll County Farm Museum in Westminster.By the time they reached Westminster, they were friends. Bank managers walked hand-in-hand with city children as they tried to select the shadiest picnic spots."It beats adding up numbers," said Drew Hostetter, corporate controller for MNC Financial, as he shared a picnic table with several new friends.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | July 16, 1993
MNC Financial Inc. reported a sharp gain in second-quarter profits yesterday, as the parent of Maryland National Bank whittled down its pile of troubled loans and repossessed real estate by more than 20 percent.MNC, which is scheduled to merge with Charlotte, N.C.-based NationsBank Corp. in October, said it earned $31.8 million in the three months that ended June 30, far above the $2 million it made in the same period last year."The earnings look great, obviously," said Anthony Davis, an analyst who follows MNC for Dean Witter Reynolds Inc. in New York.
BUSINESS
By David Conn and David Conn,Staff Writer | May 13, 1993
For MNC executives, financial windfall fadesLast year was a remarkably rewarding year for MNC Financial Inc.'s stockholders, but not quite so rewarding for its top executives, according to the company's just-released proxy statement/merger prospectus.That may seem odd, given the turnaround that saw a $70 million loss in 1991 give way to a $35.5 million profit last year (excluding accounting changes). The reason: MNC's board weighted 1991 compensation more heavily toward stock options. Last year it shifted to cash.
BUSINESS
By David Conn and David Conn,Staff Writer | May 5, 1992
Peter L. Gartman, the man charged with disposing of MNC Financial Inc.'s large portfolio of problem loans and raising needed cash, resigned last week citing a desire to pursue other business interests and spend more time with his family.Mr. Gartman, 43, who joined MNC in 1989 as an executive vice president, became treasurer and chief financial officer last year. He left Thursday as chief financial officer and vice chairman, a title he had held for 10 months.Calling his decision "the pause that refreshes," Mr. Gartman said yesterday in an interview that he merely wanted to take a different career path now that the state's largest banking company appears headed for recovery.
NEWS
December 19, 1990
MNC Financial Inc. today announced it has agreed to sell Landmark Financial Services Inc., its consumer finance subsidiary, to Commercial Credit Inc. for about $370 million.MNC Financial is the parent company of Maryland National Bank.MNC Financial said it expects to close the transaction in early January 1991. The transaction would permit MNC Financial to reduce its debt by about $374 million, the company says.
BUSINESS
May 10, 1993
New positions* American Commercial Lines Inc., named Geoffrey L. Fuller vice president of technology.* American Office has named David Kuntz as chief operating officer and Michael Kuntz as chief financial officer. * Fedder & Garten announced that Bruce L. Corriveau will devote his practice to general civil litigation and Brian J. Gibbons will direct the firm's real estate, finance and creditor's rights practice. * Freed and Associates named Richard K. Bleser Jr. vice president/management supervisor.
BUSINESS
By David Conn and David Conn,Staff Writer | May 6, 1993
Snags may delay MNC annual meetingWarning to MNC Financial Inc. shareholders: When you write down the date of the annual meeting, keep an eraser handy.Delays in preparing the combined proxy statement for the meeting and the proposed sale to North Carolina-based NationsBank Corp. could delay the event from its tentative date of June 3, possibly until June 17.MNC spokesman Daniel Finney says the delay was due to an exchange of comments about the proxy between MNC and the Securities and Exchange Commission.
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