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Article: Main St. of Pa. Shuts Recently Bought Unit.(Main Street Bancorp in Reading, Pa)(Brief Article)(Statistical Data Included)
- Article from:
- American Banker
- Article date:
- May 17, 2000
- Author:
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Main Street Bancorp in Reading, Pa., closed its mortgage banking subsidiary last week, just six months after buying it. Saying it was concerned that Granite Mortgage Corp. could not operate profitably in the current interest rate environment, the board of $1.6 billion-asset Main Street voted to shutter the Springfield, Va., unit -- eliminating 15 jobs -- and to take a charge of $2.6 million this quarter. The move came less than three weeks after Main Street fired Nelson R. Oswald, its chairman, chief executive, and president, citing disagreements about the company's strategic direction. "Granite by definition was an expansion transaction, and the profitability prospects ...
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Article: New-Look Main Street of Pa. Stresses ...
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... ... return $1.5 billion-asset Main Street Bancorp of Reading, Pa., to profitability ... Philadelphia before becoming Main Street's president and chief executive ... selling is no panacea for Main Street or any other bank, said Bob ...
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