FIDELITY FEDERAL'S PARENT ENDS ROUND OF RESHUFFLING.Byline: Ben Sullivan Daily News Staff Writer In an effort to cut costs, the parent of Fidelity Federal Bank said Monday that it has completed a management shake-up that will save it $1.7 million annually. As part of the changes, Glendale-based Bank Plus Corp. said it will promote three executives and not fill the posts they are vacating. The moves were prompted by a third-quarter, $60 million loss in the company's credit card division, a loss that prompted the U.S. Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. to change its rating of the firm to ``adequately capitalized,'' from its previous ``well-capitalized'' classification. The lower rating makes Bank Plus subject to more government scrutiny. Moving up the corporate ladder in the reshuffling is John Michel Sir John Michel, GCB (1 September 1804 – 23 May 1886) was a British Field Marshal. From 1865 to 1867, he was in the command of the forces in British North America, succeeding Lieutenant-General Sir William Fenwick Williams. , the company's director of strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. who will now become chief financial officer. Also promoted were general counsel Godfrey Evans, who will now serve as chief administrative officer A chief administrative officer (CAO) is responsible for administrative management of private, public or governmental corporations. The CAO is one of the highest ranking members of an organization, managing daily operations and usually reporting directly to the chief executive , and Richard Villa, the firm's controller who becomes Bank Plus' treasurer. All appointments are subject to approval by the Office of Thrift Administration. The three executives and Mark Mason, who was named chief executive officer in October, will form Bank Plus' executive management team, replacing the former seven-member team and saving the firm $1.7 million in annual compensation, the company said. Should Bank Plus be sold, it would save the company an additional $4.6 million in severance pay Severance Pay Compensation that an employer gives to someone who is about to lose their job. Notes: Severance pay is not always paid to employees. It depends on the situation in which the employee is losing their job and whether legislation requires severance to be paid. . Bank Plus reiterated Monday that it was looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. a buyer and said all the changes are meant to help that effort. Bank Plus shares fell 12.5 cents to close at $4.25. |
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