With major layoffs about to be announced at CoreStates Financial Corp., the president of the bank's northern division, has resigned, saying he needs "something more entreprenurial."
John Harding, who made his announcement Monday, had been president and chief executive of Independence Bancorp - a $2.6 billion-asset Perkasie, Pa., bank - until it was bought by CoreStates last June.
Mr. Harding's resignation is effective April 30.
The 51-year-old banker said in a recent interview that he misses being a big fish in a small pond and is contemplating founding a community bank in or near Bucks County, where he grew up and now lives.
As the industry consolidates, erstwhile small-bank top officers like Mr. Harding are increasingly becoming lower-level executives in large institutions.
"Some people might think I'm crazy," Mr. Harding said about the idea of starting a new bank despite his lengthy experience with consolidations.
But Mr. Harding, who worked his way up the ranks to chief executive from vice president of corporate lending at an Independence Bancorp affiliate, said he sees plenty of room in the industry for tiny niche players to compete with banks such as $27 billion-asset CoreStates.
He said he took the position at CoreStates because he was promised autonomy over banking in the northern division of the company's lead bank.
But soon after, higher level executives undertook a major review of expenses and services at CoreStates' subsidiaries with the aim of integrating recent acquisitions.
The bank plans to unveil details of its restructuring plans, including significant work force reductions, in April.
Mr. Harding said that - given the banking environment - CoreStates is making the right moves to remain competitive, but "where I am on the decision-making chart is totally different because of the marketing decisions and changes in the company."
