MNC Financial Inc. has named a new chairman of its South Charles Realty Corp. subsidiary and made other management shifts in the wake of Peter L. Gartman's resignation as chief financial officer and vice chairman at the end of April.
According to an internal announcement last week by MNC Chief Executive Frank P. Bramble, Douglas T. Ledwith has assumed the title of chairman of South Charles Realty, the MNC unit charged with disposing of the foreclosed real estate and other troubled assets of the two main bank subsidiaries, American Security Bank and Maryland National Bank.
Mr. Ledwith 43, an executive vice president and former president of South Charles Realty, joined MNC when it bought American Security Bank in 1986. He was chief financial officer at the Washington bank, where he had worked since 1972.
Jerome W. Evans, 46, is responsible for financial accounting and planning for the banking subsidiaries, Mr. Bramble said. He retains his title of executive vice president and chief accounting officer.
Mr. Evans was controller of Equitable Bank before MNC acquired it in 1989. He became senior vice president and corporate controller at MNC that year.
Stephen K. Shock, 40, executive vice president for treasury operations, is the company's treasurer, with supervision over the investment activities of the two banks, according to the announcement.
Mr. Shock started his career with MNC in Maryland National Bank's audit department in 1974.
Only Mr. Ledwith will take on new duties, the corporate funding work of Mr. Gartman. Mr. Shock and Mr. Evans will continue their current work, which Mr. Gartman supervised, but will now report to Mr. Bramble, as will Mr. Ledwith.
The company did not name a new chief financial officer.
Replacing Mr. Ledwith as president of South Charles Realty is Turner B. Smith, Mr. Bramble said. Mr. Smith has been a managing director of the subsidiary since November, when he left the Baltimore real estate investment and development company that bore his name. Mr. Smith, 47, was president of Alex. Brown Realty from 1976 to 1983.
The decision to cut a layer of management between Mr. Bramble and the new executives "is consistent with the hands-on approach we're using throughout the company," Mr. Bramble said in an written announcement to employees last week.
Spokesman Daniel G. Finney said the personnel changes do not imply a change of direction for South Charles Realty, which continues to dispose of troubled assets at a rate of $175 million to $200 million a month, he said.
MNC is the state's largest bank holding company, with $16.7 billion in assets as of March 31.