Magazine article American Banker

Old Stone Bank Reshuffling Top Personnel

Magazine article American Banker

Old Stone Bank Reshuffling Top Personnel

Article excerpt

Old Stone Bank, Providence, R.I., has announced a new organizational structure that involves five corporate groups and approximately 20 executives.

James V. Rosati, president and chief executive officer, said the reorganization would result in a better match of individual skills with the bank's functions.

A. Michael Marques, executive vice president in charge of the commercial banking group and real estate lending group, has been named chairman of Old Stone's credit policy committee.

He will assume responsibilities for consumer and mortgage lending (which were formerly part of the retail banking group), and Financial Funding Corp., a consumer credit subsidiary.

With this change, all of Old Stone's lending areas are consolidated under the direction of Mr. Marques.

In order to facilitate a reduction in nonperforming assets and the disposing of foreclosed real estate, the real estate lending group has been restructured.

Mark R. Noble, senior vice president, will continue to be responsible for the real estate lending group, which now includes performing real estate loans, loan operations, and loan servicing.

Richard R. Donnelly, senior vice president, will be responsible for the disposition of foreclosed real estate.

Stephen M. Bessette, senior vice president, will move to Providence to assume responsibility for all nonperforming loans.

He continues to be responsible for Old Stone Development Corp.'s California projects.

Anthony J. Marouchoc, senior vice president in the real estate lending group assumes new responsibilities as head of the retail lending group, which includes Rhode Island-based consumer and mortgage lending, as well as New England residential lending.

Winfield W. Major, executive vice president, who is currently responsible for corporate services (which includes personnel, legal, and community affairs) will assume responsibility for retail services. …

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