FREDERICK A. DEAL NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF FIRST EASTERN CORP.
FREDERICK A. DEAL NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF FIRST EASTERN CORP. WILKES-BARRE, Pa., Aug. 20 /PRNewswire/ -- The board of directors of First Eastern Corp. (NASDAQ: FEBC) today announced that Frederick A. Deal has been named president and chief executive officer of this bank holding company. Deal will also assume the position of president and chief executive officer of First Eastern's principal subsidiary, First Eastern Bank, N.A. He has also been elected a director of both companies. The appointment is effective in September and subject to review and approval by the appropriate regulatory agencies. The announcement was made by Eberhard Faber, chairman of the Executive Committee of First Eastern's board of directors. Deal will succeed Richard M. Ross Jr., who announced his retirement plans in April after a 26-year tenure with First Eastern. The board expects to elect a new chairman to replace Ross at the September board meeting. Ross will continue his association with First Eastern as a member of the board of directors. Deal comes to First Eastern with 27 years of banking experience, the last 18 of which have been with Society Corporation, a $25 billion, multi-state bank holding company headquartered in Cleveland. Since 1989 he has been chairman, president and chief executive officer of Society Bank & Trust, Toledo, Ohio. He became chief executive of that $2.75 billion bank upon the acquisition of Trustcorp by Society, and was instrumental in returning the severely troubled bank to profitability within one year after the merger. Prior to that, Deal was chairman, president and chief executive officer of Society Bank, Columbus, Ohio. Under his leadership, Society merged three organizations into one, creating a strong community oriented banking institution with assets in excess of $700 million. Also during his tenure with Society, Deal held a number of senior lending and administrative positions throughout the organization. "The search committee under the direction of Harvey Klein worked diligently to find the best candidate possible to lead First Eastern now and in the future," said Faber. "With Rick Deal we are absolutely convinced that we have found that person. His proven talent, training, and experience with one of the country's highest quality financial institutions make him eminently qualified to build on the solid foundation of service to our communities that has been a long-standing tradition at First Eastern. He is an accomplished banker, problem solver, and team builder -- just the kind of leader that First Eastern needs to return to high performance. We are proud to welcome Rick back to Pennsylvania and into the First Eastern family," said Faber. Deal was born in Sharon, Pa., and graduated from Edinboro State University in Edinboro, Pa. "I am very excited about this opportunity and appreciative of the support and confidence of the board in making this decision," said Deal. "I am also aware of the corporation's recent adversity and future challenges. However, First Eastern is a fine organization with a reputation as one of the strongest independent banks in the nation. This reputation has been built on three basic principles: the highest quality service possible from people who know their customers and have earned their trust; a dedication to helping local businesses and families grow and prosper through high quality, professional lending and investment services; and, a commitment to community development and community involvement. I intend to work closely with the corporation's board, management, and staff to continue to focus our efforts on these fundamental principles and re-establish First Eastern as the area's pre-eminent financial institution," said Deal. "Many of the factors that contributed to First Eastern's success in the past are still in place and stronger than ever -- a dedicated group of employees, an excellent retail banking franchise, and a position as the area's largest independent bank. I have always believed that organizations prosper when they concentrate their efforts in those areas that they know and understand best. In our case, that means serving our local communities with competitive, high quality banking products and superior customer service. These are the basic elements that help banks grow and communities thrive." "During my visits to Wilkes-Barre, I have been very impressed by the area and the people whom I have met," continued Deal. "My wife, Lynn, and I look forward to meeting many new friends and becoming actively involved in the community." While in Toledo, Deal was a member of the boards of trustees and executive committees for the Toledo Museum of Art, Toledo Symphony, The Committee 100, and the Toledo Chamber of Commerce. He was also a member of the Finance Committee of Toledo Hospital, the State of Ohio Banking Board, and Gov. George Voinovich's Operations Improvement Task Force. "First Eastern has faced a number of challenges over the past year," said Faber. "Our employees have worked diligently to identify needed improvements, strengthen our lending practices, and preserve our capital strength. The board is particularly appreciative of Rick Ross' efforts in leading these improvement programs. Much progress has been made; however, more work remains to be done to return First Eastern to its historically high performance levels. Under Rick Deal's leadership, we are confident that this progress will continue and the corporation will maintain its position as a strong, local, community-oriented banking institution." First Eastern Corp. is a bank holding company headquartered in Wilkes-Barre, Pa. As of June 30, 1992, the corporation reported total assets in excess of $2.5 billion. Its principal subsidiary, First Eastern Bank, N.A., serves the northeastern Pennsylvania market through 60 offices. The corporation also operates a number of other subsidiary companies including First Eastern Equipment Leasing, First Eastern Brokerage Services, Dolphin & Bradbury Inc., First Eastern Investment Co., First Eastern Life Insurance Co., and First Eastern Realty Inc. /delval/ -0- 8/20/92 /CONTACT: Anthony Cusatis of First Eastern, 717-821-3211/ (FEBC) CO: First Eastern Corp.; First Eastern Bank, N.A. ST: Pennsylvania IN: FIN SU: PER
CC -- PH025 -- 1871 08/20/92 16:22 EDT
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|Date:||Aug 20, 1992|
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