EBERHARD FABER NAMED CHAIRMAN OF FIRST EASTERN CORP.
EBERHARD FABER NAMED CHAIRMAN OF FIRST EASTERN CORP. WILKES-BARRE, Pa., Sept. 16 /PRNewswire/ -- The board of directors
of First Eastern Corp. (NASDAQ: FEBC) today announced that Eberhard Faber has been named chairman of the board of directors of this bank holding company subject to the approval of the appropriate regulatory agencies.
He has agreed to serve until the bank's annual meeting in April. Faber succeeds Richard M. Ross Jr., who announced his retirement in August. Faber has been a member of First Eastern's board of directors since 1986, and for the last 2 years has served as chairman of the board's executive committee. He will also continue in that role. On Aug. 19, First Eastern announced that Frederick A. Deal had been named to succeed Ross as president and chief executive officer of First Eastern Corp., and its principal subsidiary First Eastern Bank, N.A. In making the announcement, Robert Nolan, chairman of the nominating committee of First Eastern's board of directors said, "We are extremely pleased that Tim Faber has agreed to serve as the board's chairman. His business experience, sound judgment, and long-standing involvement in our community make him an ideal choice for this very important position." Faber graduated magna cum laude and Phi Beta Kappa from Princeton University in 1957 and was awarded a Fulbright Scholarship to study at the University of Poitiers in France, and to teach at the University of Caen, also in France. He began his business career with Eberhard Faber, Inc. in 1960 as an executive trainee. In 1965, after serving in the U.S. Army for two years, he became assistant treasurer of Eberhard Faber, Inc. and in 1966 was appointed corporate secretary. He was named president and Chief executive officer in 1971, and in 1973 he was named chairman of the board and chief executive officer, a position he held until December 1987 when the company was sold to Faber-Castell Corporation. Since 1987, Faber has been chairman and chief executive officer of EFL, Inc., successor corporation to Eberhard Faber, Inc., and a consultant to Faber-Castell Corporation. Additionally, from 1980 to 1986, Faber served two consecutive three year terms (the maximum allowed by law) as a director of the Philadelphia Federal Reserve Bank, and served as chairman of its budget and operations committee. In accepting the appointment, Faber said, "First Eastern is fortunate to have many qualified directors who could fulfill the duties of chairman. I am flattered that the board has asked me to assume this leadership role. My principle purpose is to give Rick Deal assistance in the early going when his primary focus is to turn the bank around. I will also focus my efforts on helping to identify how First Eastern can best contribute to the growth and development of our communities." Faber has served on the boards of the United Way of Wyoming Valley, as well as its Central Allocations Committee and Council House, a halfway house for the mentally ill in Wyoming Valley. He also is currently vice chairman of the board of King's College, ran its last capital campaign, and has served on its Academic Affairs Committee since 1965. Additionally, Faber is a director of Geisinger Wyoming Valley Hospital, the Intermetro Corporation of Wilkes-Barre, the Citizens Voice, and Ertley's Motorworld, the largest car dealer in Wyoming Valley. Deal, president and chief executive officer of First Eastern Corp., said, "I look forward to working closely with Tim Faber over the coming months to re-establish First Eastern's long tradition as a strong financial institution dedicated to serving its local customers and local communities. He knows the company, understands its challenges, and has been instrumental in supporting the many profit improvement programs currently underway. The management and staff of First Eastern will benefit greatly from his experience." First Eastern is a bank holding company headquartered in Wilkes- Barre. As of June 30, 1992, the corporation reported total assets exceeding $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- 9/16/92 /CONTACT: Tony Cusatis, public relations officer of First Eastern Bank, 717-821-3211/ (FEBC) CO: First Eastern Corp. ST: Pennsylvania IN: FIN SU: PER
MJ-CC -- PH040 -- 0324 09/16/92 16:59 EDT
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|Date:||Sep 16, 1992|
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