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Article: Arnold leads Conn. bank. (Rudolph P. Arnold)
- Article from:
- Black Enterprise
- Article date:
- February 1, 1992
- Author:
CopyrightCOPYRIGHT 1992 Earl G. Graves Publishing Co., Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Last September, former Hartford, Conn., deputy mayor Rudolph P. Arnold was elected chairman of Society for Savings Bancorp Inc. He is believed to be the first African-American to head a nonminority commercial bank. By inheriting the leadership of a $3.3 billion banking company that reported losses of $52.4 million in 1990, Arnold faces the daunting challenge of rallying the troubled institution at a time when the nation's banks are slumping.
Last year, at least 17 Connecticut banks failed due to losses caused by delinquent loans. "With the challenges facing the state banking industry . . ., Rudy's integrity and ability are precisely what's needed," says ...