Community Development Banker To Lead CUConvert
COLUMBUS, Ohio - (07/18/06) Insurance giant NationwideFinancial Services named Anne Arvia, president of leading communitydevelopment bank ShoreBank, to be chief executive at its fledglingbank, being created out of Nationwide FCU. Arvia, 43, will succeedJohn Skubik, 59, who announced his retirement as head of the bankstart-up. Skubik will continue as chief operating until hisretirement next year. Until then, he will focus on building thebanks customer base beyond the 50,000 members at the creditunion. The start-up bank, which only received a savings bankcharter in April, is in the process of acquiring the $530-millioncredit union, creating the basis for Nationwide Bank. Nationwidehas agreed to pay members of the credit union a total of $79million for their equity, with each member receiving a pro ratashare based on the size of their accounts. Over 15 years atChicago-based ShoreBank, Arvia helped build the institution into anationally recognized community development bank with $1.8 billionin assets.