Company Bought: Clingham

Newgrange Shift

Man of Metal: John King

Nelson Consolidates

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 and

CEO. 609-514-3900; fax, 609-683-7855. Home page:

www.grandbk.com.

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

Sovereign

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

it."

As a Subchapter S corporation, it pays no corporate income tax; its

shareholders get the profits and pay the taxes. Its founding

stockholders

bought shares for $115,000 totaling $8.1 million. It is a commercial

bank for professionals, small businesses and high net worth

individuals,

with 200 depositors with $52 million in deposits, and 200 loan

customers

with loans of $47 million.

Wolters also swears he didn’t know the law would change so that

insurance

companies could go into the banking business, and that even if he

had known, "you would presume the insurance company would do a

new charter."

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

insurance.

"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

tri-state

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

happy."

Top Of Page
Company Bought: Clingham

American Risk Management, 32 Nassau Street, Second

Floor, 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-based

American Risk Management Corp., a $10 million company with 150

employees

that aims to make acquisitions in the telemedicine field —

companies

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

medical

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

Catholic

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

Sarnoff

Corporation.

Top Of Page
Newgrange Shift

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,

September 18.

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

potential.

Sherman has been an assistant professor of neurology at Harvard

Medical

School, director of the Dyslexia Research Lab at the Beth Israel

Deaconess

Medical Center, and president of the International Dyslexia

Association.

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

classroom,"

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

outreach center.

Newgrange Educational Outreach Center, 600 College

Road East, Suite 125, Princeton 08542. Gordon Sherman, executive

director.

609-419-1999; fax, 609-419-0055. Home page:

www.thenewgrange.org.

The Newgrange School, 52 Lafayette Avenue, Trenton

08610. 609-394-2255; fax, 609-394-9467.

Top Of Page
Man of Metal: John King

Roll Tech Industries Inc., 55 Route 31 South,

Pennington

Business Park, Pennington 08534. John King, president. 609-730-9500;

fax, 609-730-8155.

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

naturally."

His late father was vice president of sales in Coatesville,

Pennsylvania,

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.

Top Of Page
Nelson Consolidates

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

healthcare-oriented

products companies under its umbrella. Thomas Moore (Princeton

University,

Class of 1973) is president and chief executive officer of the

Manhattan-based

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

divisions

(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, peer

influence,

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

Advertising,

a 10-person division that offers full-service health care

communications

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.

Nelson Professional Sales, 2000 Lenox Drive, Suite

100, Lawrenceville 08648. Christy Taylor, group chairman.

609-219-0081;

fax, 609-219-9188. Home page: www.nelsoncomm.com.

NCI Consulting: Nelson Communications, 2000 Lenox

Drive, 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 Lenox

Drive, Suite 100-A, Princeton 08540. Steven R. Peskin, president.

609-912-9666; fax, 609-912-0848, Home page: www.nelsoncomm.com.

Sciens Worldwide Advertising: Nelson

Communications,

2000 Lenox Drive, Suite 100, Lawrenceville 08648. Lori A. Katz, vice

president.

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.


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