Insiders Profit From CU Conversion

- FEASTERVILLE, Pa. (03/14/00) - Ten senior officersand directors of IGA Federal Savings Bank, who engineered the 1998conversion from a credit union then took the bank public, stand toprofit handsomely from the current machinations surrounding thenewly formed holding company, known as Jade Financial Corp.Documents filed with the Securities and Exchange Commission showthe 10 have already earned $653,125 in paper profits after thecompany's stock price shot up more than 50% since its $8 initialoffering price to $12.75 Tuesday on the strength of takeoverrumors. Those earning the biggest profit so far: John O'Connell,chairman and CEO ($178,125); Mario Incollingo, Jr., president andchief operating officer ($118,750); Dennis Wesley, a director($59,375); Edward McBride, director ($47,500); Dorothy Bourlier,chief financial officer ($44,531).