Magazine article American Banker

Chase Hires Park's Chief as Transition Consultant

Magazine article American Banker

Chase Hires Park's Chief as Transition Consultant

Article excerpt

ST. PETERSBURG, Fla. -- Chase Bank of Florida has hired the former chairman of the Park Bank of Florida as a consultant.

Richard O. Jacobs, former chairman of the failed Pinellas County bank, will work with Chase during its transition period, said Webster hull, Chase acting president.

The Chase Manhattan Corp. bought the Park Bank on Feb. 14 in a sale supervised by the Federal Deposit Insurance Corp. Park had $593 million in assets when it was declared insolvent. Chase paid the FDIC a premium of $62.6 million for Park and assumed $378.5 million of its assets, with the FDIC taking $124 million in problem assets and loans.

Mr. Hull said last Friday that Mr. Jacobs will remain with Chase for at least six months. He declined to disclose how much Mr. Jacobs will be paid.

The Chase official said Mr. Jacobs and his senior management team performed well at Park under the circumstances and called them "a good team. "There is a fine group of people here," Mr. Hull added.

Mr. Hull said Chase would retain all "quality employees" of Park. The failed bank had a total of 350 employees at its eight Pinellas County offices and its three loan production offices in Tampa, Sarasota, and Fort Myers.

Mr. Jacobs, 54, had been a director of Park Banks of Florida Inc. since the company was formed in 1977 by a group of nine prominent St. Petersburg investors.

He had watched Park grow from an $8 million bank to an institution whose assets amounted to $735 million. That astronomical growth came from what even Mr. …

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