Area Bancshares Of Kentucky Names Penn as Executive VP

Area Bancshares, Owensboro, Ky., appointed John S. Penn, former president and chief executive officer of Cardinal Bancshares, as its own executive vice president.

Area bought Cardinal on Sept. 30; the purchase boosted assets to $1.8 billion. Mr. Penn, who was also named an Area director, will report to Tom Brumley, chief executive officer and president.

Mr. Penn co-founded Cardinal in 1987; he had been president and chief operating officer since then and became chief executive last year. Earlier he was a vice president and chief administration officer at Bank One Lexington.

Area also named three other Cardinal executives to key posts.

Jack H. Brown was appointed senior vice president. He joined Cardinal in 1988 as chief financial officer, having held the same title at Bank One Lexington and its predecessor, Citizens Union National Bank, which Banc One Corp. bought in 1986.

Scott P. Cvengros, named vice president of loan administration, had been chief credit officer with Cardinal Bancshares. Before that he was president of Atlanta-based VST Financial Services, and earlier a commercial lending officer with Vine Street Trust Co., both Cardinal subsidiaries.

David T. Bowser was named auditor coordinator; he held a similar post, chief internal auditor, with Cardinal, which he joined in 1994. Earlier he was general auditor with BancorpSouth Corp., Tupelo, Miss.

In addition, Samuel A.B. Boone, a former Cardinal director, was elected to Area's board. He is also a director of First and Peoples Bank, Springfield, Ky., an Area subsidiary.

Mr. Boone is the president of Lexington Quarry Co., Nicholasville, Ky., a stone and asphalt distributor.

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