Corrections or additions?
Prepared for August 30, 2000 edition of U.S. 1 Newspaper. All
Met Life Buys Grand Bank NA
Kingston Mall, Box 646, Kingston 08528. Mark Wolters, president and
CEO. 609-514-3900; fax, 609-683-7855. Home page:
The founders of Carnegie Bank have struck gold again. The same cast
of bankers that founded and sold Carnegie Bank have sold their second
bank — Grand Bank, National Association, to MetLife insurance
company, 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 to
Bank for $107 million in 1998. Grand Bank, National Association got
going in March, 1999, and has not even had a chance to occupy its
headquarters building at 4275 Route 1 South, Monmouth Junction. It
had just begun to make money.
Mark Wolters, the bank’s CEO, insists that he never intended to sell
the bank this time around. "We were never going to have market
share to attract anybody. As an S corporation, it was a cash flow
play, not a capital gains play, and thought I would be retiring from
As a Subchapter S corporation, it pays no corporate income tax; its
shareholders get the profits and pay the taxes. Its founding
bought shares for $115,000 totaling $8.1 million. It is a commercial
bank for professionals, small businesses and high net worth
with 200 depositors with $52 million in deposits, and 200 loan
with loans of $47 million.
Wolters also swears he didn’t know the law would change so that
companies could go into the banking business, and that even if he
had known, "you would presume the insurance company would do a
When Met Life made its first overture in April, Wolters turned the
offer down. He turned down a second offer, but MetLife came back with
serious purpose in June, and signed the agreement on August 17. The
purchase means that MetLife can sell banking products as well as
"They were looking for a bank with a national charter that didn’t
carry a lot of baggage — have a lot of branches — in the
area," says Wolters.
Thomas Gray, Carnegie’s former CEO, is a shareholder but does not
work at Grand Bank. A dozen employees are expected to stay at the
bank to run its operations, including CEO Mark Wolters, CFO Richard
Rosa, and Lauretta Lucchesi, senior vice president and chief lending
officer. MetLife has about 9 million customers and $25 billion in
revenues. The deal has not been signed, but Wolters has contacted
each shareholder, "and based on the information they are very
Floor, Princeton 08542. James Clingham, CEO. 609-924-1001; fax,
Home page: www.leaseonlife.com.
James Clingham is the new president of New York-based
American Risk Management Corp., a $10 million company with 150
that aims to make acquisitions in the telemedicine field —
that can provide medical services remotely.
With Clingham go the resources of his former company, Comprehensive
Medical Services, which has a diagnostic kiosk that can provide
screenings in malls and workplaces. The company will have a booth
at 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) and
University law school, Clingham began working as senior counsel for
RCA Corporation in 1976 and helped negotiate the contract that turned
Princeton’s RCA labs into the David Sarnoff Research Center, now
Just as Newgrange’s educational outreach center moves
from 20 Nassau Street to the Forrestal Center, it announces a new
executive director, Gordon Sherman. The move takes place on Monday,
Founded in 1977, Newgrange’s mission is to help people with learning
disabilities to reach their full potential as educated and productive
members of society. Sherman succeeds co-founder Lois Young; he will
manage both the outreach center and the school, an independent full
curriculum day school for ages students ages 8 to 18 — bright
learning disabled students, dyslexics, and those not reaching
Sherman has been an assistant professor of neurology at Harvard
School, director of the Dyslexia Research Lab at the Beth Israel
Medical Center, and president of the International Dyslexia
His more than 60 scientific articles focus on the neuroanatomy and
genetics of developmental dyslexia, particularly on the strengths
and talents of people with dyslexia. As a principal investigator with
a worldwide National Institutes of Health project, he helped show
that subtle early changes in the way the brain develops have dramatic
effects on learning and memory.
"This is an exciting change for me, to be positioned between the
neuroscience and dyslexia researchers and practitioners in the
says Sherman. "After some 20 years of working in the research
end of the field, I will now be involved in implementing the latest
research-based teaching techniques." He is charged with securing
a new building to put school and outreach functions under one roof,
developing a research-based school, and assisting the growth of the
Road East, Suite 125, Princeton 08542. Gordon Sherman, executive
609-419-1999; fax, 609-419-0055. Home page:
08610. 609-394-2255; fax, 609-394-9467.
Business Park, Pennington 08534. John King, president. 609-730-9500;
John King has expanded his company, which makes metal products, to
be nearer his customer base. The clients — manufacturers of vinyl
windows, doors, and fenceposts — buy reinforcement products that
go inside the vinyl windows and doors.
In a move from Levittown he went from 10,000 to 50,000 feet but is
subleasing 30,000 square feet to allow himself room to grow. "This
location gives us accessibility to the main thoroughfares and to metal
suppliers in South Jersey, it’s a straight run," says King.
A computer major at Lehigh, Class of 1982, he has an MBA from New
York University’s Stern School of Business. "I honestly think
my engineering background helps more," says King. "It was
more challenging. The MBA, the finance courses, sort of came
His late father was vice president of sales in Coatesville,
for Lukens Steel, which was bought out by Bethlehem Steel. He and
his wife have three children under five; she works at the Scudders
Mill Road campus of Merrill Lynch, where she is a vice president and
analyst of an investment fund.
Five offices of Nelson Communications — half from
the Carnegie Center, half from Lenox Drive — are united under
one roof at 2000 Lenox Drive, says John Iannuzzi, CFO and general
manager of Nelson Professional Sales. Nelson Communications Inc. has
20,000 square feet at the new Brandywine Realty Trust building that
bears Peterson’s name.
Nelson Communications has a wide variety of pharmaceutical and
products companies under its umbrella. Thomas Moore (Princeton
Class of 1973) is president and chief executive officer of the
firm and has an office at 103 Carnegie. The firm was founded in 1988
by Wayne Nelson, a senior officer at Johnson & Johnson and Unilever,
and he remains chairman of the board. At the headquarters on Madison
Avenue NCI has advertising firms and educational and audiovisual
(Global Medical Communications Ltd., World Health Communications,
Nelson Professional Sales came from another location on Lenox Drive.
This 48-person division does contract sales, telemarketing, peer
and other services to the pharmaceutical industry. It will have an
exhibit 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 Wide
a 10-person division that offers full-service health care
and integrated marketing communications programs, plus two divisions
that emigrated from 214 Carnegie — NCI Consulting (which has 11
people and does strategic and marketing consulting) and NCI Managed
Care (a four-person office that offers strategies for managed care
operations and marketing for pharmaceutical manufacturers, providers,
managed care organizations, and other health care clients).
Still at the Carnegie Center under the Nelson umbrella are Lyceum
Medical Education and Pharma Communications Inc. Creative Promotions
Partners is a new sister company in the Nelson family.
100, Lawrenceville 08648. Christy Taylor, group chairman.
fax, 609-219-9188. Home page: www.nelsoncomm.com.
Drive, Suite 100-A. Princeton 08540. Susan Lavine Coleman, president.
609-912-1444. fax, 609-912-0848. Home page: www.nelsoncomm.com.
Drive, Suite 100-A, Princeton 08540. Steven R. Peskin, president.
609-912-9666; fax, 609-912-0848, Home page: www.nelsoncomm.com.
2000 Lenox Drive, Suite 100, Lawrenceville 08648. Lori A. Katz, vice
202 Carnegie Center, Suite 101, Princeton 08540. Patrick Chenot,
609-514-2727; fax, 609-987-1033. Home page: www.nelsoncomm.com.
202 Carnegie Center, Suite 101, Princeton 08540. Steve Wray, chairman.
609-987-9606; fax, 609-987-1033. Home page: www.nelsoncomm.com.
Suite 106, Princeton 08540. Christopher Warns, operations manager.
609-720-1000; fax, 609-720-1380.
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