Magazine article American Banker

Midland Exec. Is Named to Crocker Board: Move Linked to Worries over Earnings Results

Magazine article American Banker

Midland Exec. Is Named to Crocker Board: Move Linked to Worries over Earnings Results

Article excerpt

SAN FRANCISCO -- Crocker National Bank, San Francisco, announced Wednesday that a senior executive of the Midland Bank, London, has been named a director and senior vice chairman of Crocker. The official will become "fully involved in major policy decisions relating to the corporation and the bank," Crocker said.

The move is apparently the result of negative reaction both in Britain and the United States to Crocker's poor performance results for 1983. The bank lost $10.4 million in 1983.

Midland, which owns 57% of Crocker's stock, has been under pressure in Britain because of Crocker's announcement on Dec. 15 of a special charge of $107 million to fourth-quarter earnings, resulting in the loss. Crocker's poor performance was expected by British observers to drag down Midland's earnings by about 75 million pounds, or more than $110 million.

The new director and vice chairman of Crocker, John G. Harris, 49, will be second in the management hierarchy of the California bank to chairman John B.M. Place and will be based full time in San Francisco. He will retain his current status as a director of Midland but will resign as chief executive officer of Midland's international division.

Mr. Harris will become the fourth Midland representative on the 25-person Crocker board of directors.

"He is not coming in as an intruder or a spy," declared Owen H. Harper, Croker executive vice president, in a telephone interview Wednesday. …

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