CULLEN AND HIGH PROMOTED AT MERITOR; HILLAS EXTENDS CONTRACT TO JUNE 1993
CULLEN AND HIGH PROMOTED AT MERITOR;
HILLAS EXTENDS CONTRACT TO JUNE 1993
PHILADELPHIA, Nov. 7 /PRNewswire/ -- Meritor Savings Bank (NASDAQ: MTOR) today announced that Louis T. Cullen has been promoted to president and chief operating officer and Michael B. High has been promoted to executive vice president and chief financial officer.
Cullen will also be elected a director of the bank.
In addition, Meritor Chairman Roger S. Hillas announced his agreement to continue as Meritor chairman and chief executive officer until June 30, 1993.
In announcing the moves, Hillas said, "Mr. Cullen is well-suited for the position. He has managed the retail components of Meritor for four years in addition to playing a vital role in the company's downsizing and restructuring."
"Mr. High," Hillas continued, "has also played a significant role in the restructuring, guiding the company through many complex financial transactions. His promotion to executive vice president will expand his line responsibilities."
Cullen, 57, joined Meritor in 1984 as president of the company's consumer credit subsidiary, purchased from General Electric Capital Corporation. Prior to Meritor, Cullen completed 28 years of service with General Electric Credit Corporation, holding successive management positions in leasing, retail, commercial/industrial, real estate and asset base financing. Cullen was promoted to executive vice president of Meritor in 1987 and has directed the Retail Banking Division since that time.
High, 43, joined Meritor in 1982 as vice president for corporate development when the bank merged with Western Savings Bank. Since then, he has held positions of increasing responsibility, including senior vice president, a position he held until his most recent promotion.
Meritor Savings Bank is a financial services institution. Its flagship operations, the Philadelphia Savings Fund Society, provides financial services to nearly 200,000 households in the Philadelphia area through its network of 28 branches.
/CONTACT: Leslie C. Voth of Meritor Savings Bank, 215-636-7117/
(MTOR) CO: Meritor Savings Bank ST: Pennsylvania IN: FIN SU: PER MK -- PH012 -- 2173 11/07/91 11:30 EST