M&T; Bank reports 6.6% rise in profit
M&T; Bank Corp. said yesterday that its fourth-quarter profit rose 6.6 percent as it set aside less money to cover the repayment of bad loans. Net income increased to $205 million, or $1.78 a share, from $192.2 million, or $1.62, in the quarter last year. The results beat the $1.75-a-share average analyst estimate. The bank set aside $23 million as a cushion against loan defaults, down from $28 million in the fourth quarter of 2004.
CFO Harrison quits Municipal Mortgage
William S. Harrison resigned last week as chief financial officer from Municipal Mortgage & Equity LLC with a lump-sum payment of $485,000, according to a filing with the Securities and Exchange Commission. Harrison, who joined the Baltimore company in 2001, left "to pursue other opportunities," said chief executive Michael L. Falcone yesterday. Melanie M. Lundquist, the chief accounting officer, will succeed Harrison.
Six Flags Inc. hired a former ESPN producer to run a new unit that will increase entertainment and sponsorships at the struggling theme-park operator. Mike Antinoro, who created ESPN's World Series of Poker, will be responsible for in-park entertainment, licensing and advertising, Six Flags said yesterday. Antinoro is the third ESPN executive to join Six Flags since Mark Shapiro, a former top ESPN programmer, took over as chief executive in December. Shapiro and Washington Redskins owner Daniel Snyder, who gained control of the company last year, are revamping the company's operations after park attendance and revenue fell for two consecutive years.
Kunz leaves Harbor Court post
Werner Kunz, managing director at Baltimore's luxury Harbor Court Hotel for about 20 years, has been replaced after the announcement last week that the hotel will take on the InterContinental brand. The hotel's new general manager is Steven J. Parker, who has 23 years of experience with InterContinental.
EntreMed licenses cancer technology
EntreMed Inc., of Rockville, has licensed technology from Eland Corp. of Ireland to develop a nano-crystal version of its Panzem cancer treatment. The Dublin firm is to manufacture the drug and receive payments when certain milestones are met. It will receive royalties once the drug wins government approval.
Hopkins Alliance announces 2 grants
The Hopkins Alliance, a group of business executives working with the Johns Hopkins School of Medicine to commercialize faculty discoveries, announced yesterday its first development grants. A $50,000 grant was made Dr. Martin Pomper, who is developing scanning for bacterial infections. A second $50,000 was given to Dan Stoianovici who is working on a motor for a robot.
M. William Salganik