Sale is very beneficial for its CEO

Article Abstract:

Beneficial Corp. of Wilmington, DE, will award its Chairman and CEO, Finn F.W. Caspersen, with lump-sum payments and benefits amounting to $23.7 million for overseeing the sale of the company to Household International of Prospect Heights, IL. The compensation, which was part of a severance agreement between Caspersen and Beneficial that Household also agreed to honor, includes $7.95 million in a single payment under the severance agreement, $1.5 million in salary, and $1 million in bonus for a year as chairman of Household International. Caspersen has also agreed to serve as a consultant with Household International for $2.5 million in cash and expects to receive 750,000 options to buy Household International stock once the merger is closed.

Comment:

To award Chairman & CEO Finn FW Caspersen w/ lumpsump payments & benefits amounting to $23.7 mil for overseeing sale of firm

Personal Finance Companies, Consumer Lending, Management development, Delaware, Consumer finance companies, Beneficial Corp.

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Banking on a community

Article Abstract:

Harvest Community Bank, which will open on its first site on a former Roy Rogers restaurant on N.J. 49 in Pennsville, will be the first new bank in Salem County for over 30 years. Dennis Engle, who will be the bank's president and chief executive, and his friend Michael Williams, co-owner of a trucking firm in Woodstown, NJ, and 17 other business leaders have invested $1.5 million to launch Harvest Community. The investors are seeking for $3.7 million through a public stock offering on November 1998 to raise the required $5 million bank capitalization. Engle, who has long dreamed of managing a bank, said Harvest will fill a void created by the recent purchase of Salem County's two community banks.

Comment:

Is launched by David Engle, Michael Williams & 17 others to become the 1st new bank in Salem County, NJ, after 30 yrs

Commercial Banks, Commercial Banking, Organizational history, New Jersey, Harvest Community Bank

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First Union out to smooth feathers

Article Abstract:

First Union Corp. made it a point to allay the worries of its customers when it changed certain CoreStates units to outlets under the First Union banner in the tri-state area which resulted in employee confusion and affected customer service. First Union President for Delaware Mark Huntley joined other top executives to guarantee customer satisfaction despite any problems encountered during the change. Rivals were observant enough of First Union's operations to take advantage of the lull in efficient service at the bank.

Comment:

Makes it a point to allay the worries of its customers when it changed certain CoreStates units to outlets under the First Union

United States, Marketing procedures, Financial Holding Companies, Offices of Bank Holding Companies, First Union Corp.

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