Chemical Fills More Posts In Merged Bank
Chemical Banking Corp. on Friday named the senior executives who will run its middle-market and branch banking activities after the company merges with Manufacturers Hanover Corp.
The moves, which are likely to affect the careers of thousands of bankers who work below the executives, are tilted in favor of Chemical bankers.
William H. Turner, currently a vice chairman of Chemical, has been given the reins of retail power. Mr. Turner, 51, will be responsible for middle-market, private banking and Chemical Bank New Jersey. He will report to Edward D. Miller, 50, currently Hanover's vice chairman.
Turner on Key Committee
Mr. Turner's elevation was expected. He was previously named to the combined bank's 13-member management committee.
The announcement made no mention of his Hanover counterpart, retail group executive Michael Hegarty, who is also a member of the new bank's management committee.
In a phone interview, Mr. Hegarty said that he will run the combined bank's consumer branch business. He is expected to report to Mr. Miller.
Another Chemical executive, Frank Lourenso, 51, will run the middle-market division, a business sector where Chemical and Hanover compete fiercely in New York. Two Hanover executives will report to Mr. Lourenso, but the terms of their appointments make questionable how much weight they will carry.
Retirement Date Set
Joe Adamko, head of Hanover's middle-market business, will retire next August, eight months after the targeted merger date, according to the announcement. In the meantime, Mr. 59, will "focus on major account relationships" and serve as a director of Chemical Bank New Jersey, the bank said.
Associates said he had been considering retirement before the merger was announced.
Carol Parry, a managing director in charge of small-business relationships at Hanover, has been given no specific responsibilities in the postmerger alignment. The banks said she would "assume a senior role" in the combined bank, adding that her duties are still being defined.
Insiders speculate that Ms. Parry, who has a background in local government, may be moved to a community relations post. She now monitors relationships with companies that have revenues of $3 million to $20 million.
Mr. Lourenso said he plans to complete the selection of his 1,600-person staff within the next 30 days.
Private Banking Chief
A Chemical executive also came out on top in private banking and investment management. John Fogarty, 51, will oversee a business with about $17 billion in assets under management. His counterpart at Hanover, which has a smaller private banking presence, is Michael Cassell, 47.
Mr. Cassell, a career Hanover banker, will report to Mr. Fogarty as the private bank's chief operating officer.
Chemical, which purchased New Jersey's Horizon Bancorp in 1989, said that Aristides Georgantas, 47, will retain his position as chairman and chief executive of Chemical Bank New Jersey. The Garden State bank, which has $5 billion in assets, also will absorb Hanover's office in New Jersey, the companies announced.
Ellen Braitman contributed to this article.
PHOTO : MERGER WINNERS: John Fogarty, left, heads private banking; Frank Lourenso gets the middle market division.