Changing of the Guard At Republic of Mich.
The head of Republic Bancorp in Ann Arbor, Mich., has handed the reins to his No. 2.Jerry D. Campbell remains chairman of the $4.3 billion-asset banking company but relinquished the job of chief executive officer to president Dana M. Cluckey, who was also chief operating officer.
Mr. Campbell is 59 and Mr. Cluckey 39. Mr. Cluckey has been with the company for 14 years, the last five as president and chief operating officer.
"We just finished the best year in our history, and we are well positioned for the future," Mr. Campbell said Tuesday. "As part of this positioning, I believe we should continue the evolution of the company's strong management team."
Republic earned a record $45.1 million in 1999, 16.6% more than the year before.
Thomas F. Menacher, Republic's treasurer and chief financial officer, said Mr. Campbell plans to remain actively involved as chairman. He plans to focus on developing new businesses for Republic and pursuing possible mergers and acquisitions, Mr. Menacher said.
Keystone Financial Of Pa. Posts a Loss
Keystone Financial Inc. of Harrisburg, Pa., would like to forget 1999.The $6.8 billion-asset company said Tuesday that it lost $17.9 million - or 37 cents per share - in the fourth quarter, largely because of a lawsuit with 43 school districts and local governments in Pennsylvania. Keystone took a $43.7 million pretax charge to settle the matter.
For the year, the company reported, net income fell 63%, to $37.1 million. Per-share totaled 75 cents, versus analysts' estimates of $1.85.
Chairman and chief executive Carl L. Campbell noted that in addition to defending itself from the lawsuit Keystone consolidated seven bank charters last year.
"I am confident that this year we will reap the benefits of the difficult actions taken in 1999," Mr. Campbell said.
- Matt Andrejczak
