Magazine article American Banker

U.S. League's Webber Spurned for New Post

Magazine article American Banker

U.S. League's Webber Spurned for New Post

Article excerpt

WASHINGTON -- Frederick L. Webber, president of the U.S. League of Savings Institutions, is out of the running to lead the trade group that results from the league's merger with the National Council of Community Bankers.

Several U.S. League insiders said that the executive search committee, which includes league chairman Donald Shack-elford, told Mr. Webber in January that he would not be considered.

Mr. Shackelford also reportedly told Mr. Webber in February that the league was exercising its option to terminate his contract in six months.

Second Candidate Out

Another likely candidate for the top post, National Council president Mark Riedy, also will be asked not to apply, a well-placed source said.

Mr. Webber, 54, who has headed the biggest thrift trade group since 1988, declined to comment. Mr. Shackelford, who is chairman and chief executive of State Savings Bank, Columbus, Ohio, also did not return phone calls.

When asked if Mr. Riedy, who took the National Council job in 1988 and openly sought to head the merged association, is still in the running, council chairman Raymond O'Brien said, "I am not in a position to answer."

"Rumors are going to go on," Mr. Riedy, 49, said in a recent interview. "No one has said, 'You don't have a prayer.'"

The decision against Mr. Webber - and perhaps Mr. Riedy - comes at a sensitive stage of the trade group's merger discussions, which commenced last year. The groups have hired the executive search firm of Russell Reynolds Associates, which is interviewing 12 to 15 candidates on behalf of the five-members search committees that each trade group has formed. …

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