President Retires at Indiana's National City
The president of the second-largest banking company in Evansville, Ind., stepped down after 37 years with it.National City Bancshares Inc. said Monday afternoon that Evansville native Robert A. Keil, 57, had retired from the $2.2 billion-asset company, effective last Friday. He agreed to continue with National City as a consultant on special projects and to serve out his board of directors term, which expires in May.
"Bob has been a valuable part of National City's management for a long time, and his leadership will be missed," said Michael T. Vea, the company's chairman and chief executive officer. "We value his contributions and wish him the very best in his retirement."
Mr. Keil began his career at National City in 1962 in the bookkeeping department while attending the University of Evansville. He worked his way into management's ranks and became president in 1993.
- Craig Woker
Realty Firm Backed as Calif. Thrift's Buyer
Financial Institutional Partners Mortgage Co. in Irvine, Calif., announced that its principals and other investors have received regulatory approval to buy a majority stake in Mission Savings and Loan Association in Riverside, Calif., for an undisclosed sum.Financial Institutional, an originator of small to midsize multifamily and commercial real estate loans, said Monday that it intends to change Mission's name to Commercial Capital Bank and invest $50 million of new capital in the thrift once the deal closes this month. Mission, a one-branch outfit, has $43 million of assets and $3.5 million of capital.
As part of the transaction, the Irvine company also plans to form a holding company, Commercial Capital Bancorp.
Financial Institutional was started in March 1998. Its principals include Stephen H. Gordon, former partner of the New York investment banking firm Sandler O'Neill & Partners; David S. DePillo, former director of multifamily for Home Savings of America; and Scott F. Kavanaugh, former partner of the San Diego investment firm Great Pacific Securities.
- Matt Andrejczak
Calif. Credit Union Now a Mutual Thrift
A former credit union in California has converted to a thrift and is now the largest mutually owned savings bank headquartered in the Golden State, with $228 million of assets.Pacific Trust Federal Credit Union in Chula Vista completed its conversion last weekend and changed its name to Pacific Trust Bank. Founded in 1941 as Rohr Employees Federal Credit Union, it has more than 28,000 members in more than 400 employee groups. As a result of the conversion, Pacific Trust is owned by its depositors.
- Matt Andrejczak
N.Y. Company Affirms Its Independence
Yonkers Financial Corp. said this week that it would not succumb to shareholder pressure to sell.The $458 million-asset New York company has been under pressure to sell since last spring from a group led by activist investor Lawrence B. Seidman. The group, known as the Committee to Enhance Shareholder Value, has complained of Yonkers' low stock price and is trying to get two nominees elected to the company's board. Its candidates would urge the thrift to make an acquisition or find a buyer.
But in a letter to shareholders Monday, chairman William S. Bachop and chief executive officer Richard F. Komosinski repeated their belief that "now is not the time to sell." They pointed out that the company's stock has "outperformed its peer group" in the last two years and is significantly better than peer stocks since the company went public in 1996.
Yonkers' stock was trading at $17.75 a share at midday Tuesday, up more than 36% from its 52-week low.
- Alan Kline