Corrections or additions?
Prepared for August 30, 2000 edition of U.S. 1 Newspaper. All
rights reserved.
Met Life Buys Grand Bank NA
Grand Bank, National Association, 4437 Route 27,Kingston Mall, Box 646, Kingston 08528. Mark Wolters, president andCEO. 609-514-3900; fax, 609-683-7855. Home page:www.grandbk.com.The founders of Carnegie Bank have struck gold again. The same castof bankers that founded and sold Carnegie Bank have sold their secondbank — Grand Bank, National Association, to MetLife insurancecompany, to be renamed MetLife Bank. The price was not disclosed,but it was sufficient to make 42 founding stockholders very pleased.Carnegie Bank was founded with $6.2 million in 1988 and sold toSovereignBank for $107 million in 1998. Grand Bank, National Association gotgoing in March, 1999, and has not even had a chance to occupy itsheadquarters building at 4275 Route 1 South, Monmouth Junction. Ithad just begun to make money.Mark Wolters, the bank’s CEO, insists that he never intended to sellthe bank this time around. “We were never going to have marketshare to attract anybody. As an S corporation, it was a cash flowplay, not a capital gains play, and thought I would be retiring fromit.”As a Subchapter S corporation, it pays no corporate income tax; itsshareholders get the profits and pay the taxes. Its foundingstockholdersbought shares for $115,000 totaling $8.1 million. It is a commercialbank for professionals, small businesses and high net worthindividuals,with 200 depositors with $52 million in deposits, and 200 loancustomerswith loans of $47 million.Wolters also swears he didn’t know the law would change so thatinsurancecompanies could go into the banking business, and that even if hehad known, “you would presume the insurance company would do anew charter.”When Met Life made its first overture in April, Wolters turned theoffer down. He turned down a second offer, but MetLife came back withserious purpose in June, and signed the agreement on August 17. Thepurchase means that MetLife can sell banking products as well asinsurance.”They were looking for a bank with a national charter that didn’tcarry a lot of baggage — have a lot of branches — in thetri-statearea,” says Wolters.Thomas Gray, Carnegie’s former CEO, is a shareholder but does notwork at Grand Bank. A dozen employees are expected to stay at thebank to run its operations, including CEO Mark Wolters, CFO RichardRosa, and Lauretta Lucchesi, senior vice president and chief lendingofficer. MetLife has about 9 million customers and $25 billion inrevenues. The deal has not been signed, but Wolters has contactedeach shareholder, “and based on the information they are veryhappy.”Top Of PageCompany Bought: ClinghamAmerican Risk Management, 32 Nassau Street, SecondFloor, Princeton 08542. James Clingham, CEO. 609-924-1001; fax,609-924-4442.Home page: www.leaseonlife.com.James Clingham is the new president of New York-basedAmerican Risk Management Corp., a $10 million company with 150employeesthat aims to make acquisitions in the telemedicine field —companiesthat can provide medical services remotely.With Clingham go the resources of his former company, ComprehensiveMedical Services, which has a diagnostic kiosk that can providemedicalscreenings in malls and workplaces. The company will have a boothat the Princeton chamber trade fair on Thursday, August 31, 11 a.m.to 5 p.m. Call 609-520-1776.An alumnus of the University of Rhode Island (Class of 1964) andCatholicUniversity law school, Clingham began working as senior counsel forRCA Corporation in 1976 and helped negotiate the contract that turnedPrinceton’s RCA labs into the David Sarnoff Research Center, nowSarnoffCorporation.Top Of PageNewgrange ShiftJust as Newgrange’s educational outreach center movesfrom 20 Nassau Street to the Forrestal Center, it announces a newexecutive director, Gordon Sherman. The move takes place on Monday,September 18.Founded in 1977, Newgrange’s mission is to help people with learningdisabilities to reach their full potential as educated and productivemembers of society. Sherman succeeds co-founder Lois Young; he willmanage both the outreach center and the school, an independent fullcurriculum day school for ages students ages 8 to 18 — brightlearning disabled students, dyslexics, and those not reachingpotential.Sherman has been an assistant professor of neurology at HarvardMedicalSchool, director of the Dyslexia Research Lab at the Beth IsraelDeaconessMedical Center, and president of the International DyslexiaAssociation.His more than 60 scientific articles focus on the neuroanatomy andgenetics of developmental dyslexia, particularly on the strengthsand talents of people with dyslexia. As a principal investigator witha worldwide National Institutes of Health project, he helped showthat subtle early changes in the way the brain develops have dramaticeffects on learning and memory.”This is an exciting change for me, to be positioned between theneuroscience and dyslexia researchers and practitioners in theclassroom,”says Sherman. “After some 20 years of working in the researchend of the field, I will now be involved in implementing the latestresearch-based teaching techniques.” He is charged with securinga new building to put school and outreach functions under one roof,developing a research-based school, and assisting the growth of theoutreach center.Newgrange Educational Outreach Center, 600 CollegeRoad East, Suite 125, Princeton 08542. Gordon Sherman, executivedirector.609-419-1999; fax, 609-419-0055. Home page:www.thenewgrange.org.The Newgrange School, 52 Lafayette Avenue, Trenton08610. 609-394-2255; fax, 609-394-9467.Top Of PageMan of Metal: John KingRoll Tech Industries Inc., 55 Route 31 South,PenningtonBusiness Park, Pennington 08534. John King, president. 609-730-9500;fax, 609-730-8155.John King has expanded his company, which makes metal products, tobe nearer his customer base. The clients — manufacturers of vinylwindows, doors, and fenceposts — buy reinforcement products thatgo inside the vinyl windows and doors.In a move from Levittown he went from 10,000 to 50,000 feet but issubleasing 30,000 square feet to allow himself room to grow. “Thislocation gives us accessibility to the main thoroughfares and to metalsuppliers in South Jersey, it’s a straight run,” says King.A computer major at Lehigh, Class of 1982, he has an MBA from NewYork University’s Stern School of Business. “I honestly thinkmy engineering background helps more,” says King. “It wasmore challenging. The MBA, the finance courses, sort of camenaturally.”His late father was vice president of sales in Coatesville,Pennsylvania,for Lukens Steel, which was bought out by Bethlehem Steel. He andhis wife have three children under five; she works at the ScuddersMill Road campus of Merrill Lynch, where she is a vice president andanalyst of an investment fund.Top Of PageNelson ConsolidatesFive offices of Nelson Communications — half fromthe Carnegie Center, half from Lenox Drive — are united underone roof at 2000 Lenox Drive, says John Iannuzzi, CFO and generalmanager of Nelson Professional Sales. Nelson Communications Inc. has20,000 square feet at the new Brandywine Realty Trust building thatbears Peterson’s name.Nelson Communications has a wide variety of pharmaceutical andhealthcare-orientedproducts companies under its umbrella. Thomas Moore (PrincetonUniversity,Class of 1973) is president and chief executive officer of theManhattan-basedfirm and has an office at 103 Carnegie. The firm was founded in 1988by Wayne Nelson, a senior officer at Johnson & Johnson and Unilever,and he remains chairman of the board. At the headquarters on MadisonAvenue NCI has advertising firms and educational and audiovisualdivisions(Global Medical Communications Ltd., World Health Communications,Graphics Corporation).Nelson Professional Sales came from another location on Lenox Drive.This 48-person division does contract sales, telemarketing, peerinfluence,and other services to the pharmaceutical industry. It will have anexhibit at the U.S. 1 Technology Showcase on Thursday, August 31,11 a.m. to 5 p.m.The 2000 Lenox Drive building is also housing Sciens World WideAdvertising,a 10-person division that offers full-service health carecommunicationsand integrated marketing communications programs, plus two divisionsthat emigrated from 214 Carnegie — NCI Consulting (which has 11people and does strategic and marketing consulting) and NCI ManagedCare (a four-person office that offers strategies for managed careoperations and marketing for pharmaceutical manufacturers, providers,managed care organizations, and other health care clients).Still at the Carnegie Center under the Nelson umbrella are LyceumMedical Education and Pharma Communications Inc. Creative PromotionsPartners is a new sister company in the Nelson family.Nelson Professional Sales, 2000 Lenox Drive, Suite100, Lawrenceville 08648. Christy Taylor, group chairman.609-219-0081;fax, 609-219-9188. Home page: www.nelsoncomm.com.NCI Consulting: Nelson Communications, 2000 LenoxDrive, Suite 100-A. Princeton 08540. Susan Lavine Coleman, president.609-912-1444. fax, 609-912-0848. Home page: www.nelsoncomm.com.NCI Managed Care: Nelson Communications, 2000 LenoxDrive, Suite 100-A, Princeton 08540. Steven R. Peskin, president.609-912-9666; fax, 609-912-0848, Home page: www.nelsoncomm.com.Sciens Worldwide Advertising: NelsonCommunications,2000 Lenox Drive, Suite 100, Lawrenceville 08648. Lori A. Katz, vicepresident.Lyceum Medical Education: Nelson Communications,202 Carnegie Center, Suite 101, Princeton 08540. Patrick Chenot,president.609-514-2727; fax, 609-987-1033. Home page: www.nelsoncomm.com.Pharma Communications Inc.: Nelson Communications,202 Carnegie Center, Suite 101, Princeton 08540. Steve Wray, chairman.609-987-9606; fax, 609-987-1033. Home page: www.nelsoncomm.com.Creative Promotions Partners, 103 Carnegie Center,Suite 106, Princeton 08540. Christopher Warns, operations manager.609-720-1000; fax, 609-720-1380.Previous StoryNext StoryCorrections or additions?This page is published by PrincetonInfo.com— the web site for U.S. 1 Newspaper in Princeton, New Jersey.
