PHILADELPHIA Kenneth L. Tepper, the Web banking pioneer who founded USABancshares.com Inc. and was its chief executive officer and a director, has resigned to pursue other interests, the company said.
Craig J. Scher, president, was asked to assume the duties of CEO, the company announced Friday after the markets close.
USABancshares stock, which has lost 80% of its value over the past year, opened Monday morning down 9 cents, at $1.50. By midafternoon its price was unchanged.
Mr. Tepper, one of the most outspoken and enthusiastic proponents of Internet banking, was the first to test a number of innovative ideas online. USABancshares.com opened one of the first private-label Internet banks, bowiebanc.com, which incorporates the music, art, and lifestyle of the rock musician David Bowie. And last March it was among the first financial services companies to introduce wireless services.