Magazine article American Banker

Shawmut Names Ex-Mellon Exec to Oversee Bank's Credit Policy

Magazine article American Banker

Shawmut Names Ex-Mellon Exec to Oversee Bank's Credit Policy

Article excerpt

Shawmut National Corp, announced Monday it has tapped David L. Eyles, a former vice chairman at Mellon Bank Corp., to oversee the company's credit policy.

Mr. Eyles, 52, had spent almost four years at Mellon until a falling out with chairman Frank Cahouet forced his resignation last October. He had previously spent 27 years at Chemical Banking Corp., where he rose to executive vice president and chairman of the credit policy committee.

Seen as Boost to Independence

The appointment of Mr. Eyles was viewed as a sign that chairman Joel Alvord is determined to keep Shawmut independent. Analysts said it would also help alleviate doubts about Mr. Alvord's ability to turn around the $22.3 billion-asset banking company

Shawmut's stock price rose 25 cents a share in late afternoon trading Monday, to $12.125.

Mr. Eyles will be one of two vice chairmen and will report directly to Mr. Alvord, said Shawmut spokeswoman Susan Rottner. He replaces William Bromage, 46, who was named chief credit officer in June 1990.

"It was never visualized that Bill would fill the position permanently," Ms. Rottner said of Mr. Bromage. He will be reassigned.

Mr. Eyles, who has been a consultant to Shawmut for two months, was understood to be vacationing in the Caribbean and could not be reached for comment.

Consolidating Improvements

Although Shawmut's credit quality has been steadily improving, analysts said Mr. Eyles' appointment would ensure that the company remains on a solid footing. …

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