Magazine article American Banker

Keystone of Pa. Shifts A Top Exec in Face of Competitors' Success

Magazine article American Banker

Keystone of Pa. Shifts A Top Exec in Face of Competitors' Success

Article excerpt

Struggling to build its banking business in a highly competitive market, Keystone Financial Inc. is shaking up its management and beefing up its brokerage and investment services unit.

The Harrisburg, Pa., company said late Monday that Mark Pulaski, president and chief operating officer of its Keystone Bank subsidiary, will be reassigned to the newly created wealth management division and that chairman and chief executive officer Carl L. Campbell will temporarily assume the duties of bank president. The $6.9 billion-asset company said it is seeking a new president but has no plan to name a new chief operating officer.

"We strongly believe that wealth management activities will be a highgrowth, major driver in the success of Keystone in 2000 and beyond," Mr. Campbell said in a statement. "For this reason, both Mark and I believe that it is in the best interest of Keystone that he lead this new initiative."

The shake-up comes as Keystone's traditional banking business struggles. The company is consolidating its seven bank charters in three states under one name, a move that will save an estimated $20 million a year but also, Keystone officials admit, has confused and turned away some customers. Keystone is also facing stiff competition in its markets from similar-size companies, such as $4.3 billion-asset Susquehanna Bancshares in Lititz, Pa., and Fulton Financial Corp., a $6 billion-asset company in nearby Lancaster, Pa.

Through the first nine months of 1999, Keystone's loan volume was down 4%, to $4. …

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