than $1 million this quarter because of the resignation of its president.

Main Street Bancorp in Reading is to pay Allen E. Kiefer $1.4 million to $1.6 million in severance.

Mr. Kiefer resigned last week after more than a year with the company. His duties are to be taken over by chairman and chief executive officer Nelson R. Oswald.

The charge should make a serious dent in third-quarter earnings. In the second quarter, $1.3 billion-asset Main Street earned $1.7 million.

Mr. Kiefer joined Main Street in May 1998 when the company was formed from a merger between BCB Financial Services Corp. and Heritage Bancorp.

He had been chairman and chief executive officer of Heritage at the time.

In a statement, Mr. Oswald called the resignation an excellent opportunity to streamline management responsibilities while substantially reducing executive management salary and benefit expense.

Main Street operates three bank subsidiaries and 39 branches in 11 southeastern Pennsylvania counties. --

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