MBNA Credit Card Pioneer Al Lerner PassesAway

WILMINGTON, De. - (10/25/02) -- Alfred Lerner, who created theconcept of a pure credit card bank after the spin-off of MBNA Corp.from Maryland National Bank Corp. in 1991, died Thursday night at69. Lerner, who built MBNA into a credit cardpowerhouse with more than $100 billion in loans, will be replacedas chairman and CEO by MBNA President Charles Cawley. Lerner notonly pioneered the concept of a credit card bank, since duplicatedby half-dozen other companies, but also became a political power,contributing more than $650,000 in so-called soft moneycontributions to the major political parties. Lerner will also beremembered for bringing back professional football to his nativeCleveland, where he funded the return of the Cleveland Browns NFLteam in 1998.