Midlantic's Scheuring Brings In Schiavetti, a Chemical Veteran
In his first major appointment since becoming chairman and chief executive of Midlantic Corp., Garry J. Scheuring has appointed a veteran of Chemical Bank to the new position of chief credit officer.
The executive, Alfred J. Schiavetti Jr., will have responsibility for credit management throughout Midlantic, including credit policy and credit administration for Midlantic's affiliate banks and bank-related subsidiaries.
Era of Austerity
Midlantic, based in Edison, N.J., has signed numerous regulatory agreements requiring it to take austere measures to boost capital. Almost 10% of the bank's assets, scarred by real estate, are nonperforming. Midlantic lost $195 million last year and $22.9 million in the first quarter.
Mr. Schiavetti, 52, has worked at Chemical Banking Corp. for 29 years, most recently as a managing director in charge of originating and syndicating large real estate loans. He also has held numerous credit policy positions, including senior credit officer for Chemical's real estate division and credit policy officer for loans to large U.S. corporate clients.
Active in Trade Group
A resident of New Jersey, Mr. Schiavetti currently chairs the real estate committee of Robert Morris Associates, a trade group for commercial bank lenders. He will join Midlantic in early July.