Shanelle M. King
Shanelle M. King has been hired as assistant vice president and branch manager at The Bank of Greenwich.
Prior to joining The Bank of Greenwich, King served as an officer and branch manager at Darien Rowayton Bank. She also held management positions at TD Banknorth, Bank of Westport and Hudson United Bank.
Robert J. Oca, The Bank of Greenwich chairman, president and chief executive officer, said he sees King as another example of an ongoing commitment to excellence by the bank by hiring only the best people.
“Shanelle has proven herself at every level and she brings a wealth of experience to support an already strong staff of banking professionals,” Oca said. “We are all excited to have Shanelle with us.”
More Woes At Webster
Waterbury-based Webster Financial Corp., the holding company for Webster Bank, said it expects second-quarter results to reflect more than $40 million in charges and write-downs.
The earnings report is expected to reflect a number of pre-tax charges, including a $25 million provision for credit losses for the continuing portfolios, a $14.5 million write-down for impairment of certain investment securities and a $1.1 million write-down in value of direct investments.
Also expected to affect earnings is $12.5 million in other charges, including $7.7 million related to the OneWebster earnings optimization initiative and $1.6 million in severance and other expenses related to early retirement and other executive changes.
“These charges, both cash and non-cash in nature, reflect the current challenging environment for financial institutions. We are taking aggressive and timely action to best position Webster to manage effectively through this economic cycle,” stated Chairman and Chief Executive Officer Jim Smith.
The provision for credit losses of $25 million in the second quarter is higher than previously anticipated and a result of increased levels of nonperforming loans and the need to build reserve levels given continued economic uncertainty. Nonperforming assets are expected to increase by $68.8 million as of March 31 to $182.1 million at June 30.
Webster will issue its earnings release for the second quarter of 2008 on July 22.
COCC Nearly Paperless
Avon-based COCC, a data processing company, has announced that 95 percent of the 12.5 million checks it processes each month on behalf of its clients will be paperless images by the end of the year.
In addition to its paper-free check efforts, COCC also renders 1.6 million statements monthly, nearly 10 percent of which will be paperless e-statements by the end of the year.
COCC said it has set a goal of image-only check processing for all of its clients.
Camson Named Drum Major
South Norwalk investment management firm Drum Capital Management has named Edwin K. Camson a managing director of the firm.
A senior member of Drum’s investment committee, Camson will assist in building out the company’s short-term credit team, and will be involved in the origination, analysis, due diligence, negotiation and management of all short-term special situation investments. He will be based at Drum’s new Stamford corporate headquarters.
According to the company, Camson has “negotiated numerous plans of reorganization with a variety of debtors, purchased tens of thousands of claims and transferred claims in every bankruptcy court in the United States.”
Fed Bans Prepayment Penalties
The U.S. Federal Reserve has unveiled long-awaited final mortgage rules to ban misleading and deceptive practices, including prepayment penalties for many subprime loans.
The rules, approved at a Federal Reserve Board open board meeting this week, also prohibit lenders from making “higher-priced loans” without a borrower’s ability to repay from income and assets other than the home’s value. This must be based on the highest payment in the loan’s first seven years, the Fed said.
