Mellon Bank chief resigns after first quarterly loss
Mellon Bank Corp. announced the resignation of chairman and CEO J. David Barnes, three days after posting its first quarterly loss in 118 years. Nathan W. Pearson was named interim chairman as the bank seeks a new chair, with a special committee reviewing internal and external candidates. Barnes cited a leadership change to move quickly for shareholders and customers. Pearson, 75, a Mellon director since 1972, said he will ensure smooth operations while chair. The loss totaled 60 million dollars in Q1, contrasting with 60 million in the prior year. Analysts noted Barnes’s admission of a past lending error in energy and real estate in the Southwest, as Mellon faced about 1.5 billion in oil and gas loans and 1.13 billion in Southwest real estate loans. The bank prioritizes moving past loan problems and supporting the healthy parts of the business.
MENTIONED IN THIS ARTICLE
Pittsburgh
UPI
Mellon Bank Corp
J. David Barnes
Mellon
Mellon Board
Nathan W. Pearson
Barnes
Bank
Pearson
Paul Mellon
Southwest
Shultz invites Gorbachev back to U S for summit
Secretary of State George Shultz delivered President Reagan’s letter to Mikhail Gorbachev inviting a Washington summit. Gorbachev said travel to America requires business, not pleasure, and the talks in the Kremlin opened amid arms control focus and U S embassy security concerns.
MENTIONED IN THIS ARTICLE
Moscow
UPI
George Shultz
Mikhail Gorbachev
Reagan
Washington
Gorbachev
Shultz
Kremlin
America
Secretary of State
Five Marines Returned From Vienna Over Suspected Contacts
Five Marine embassy guards in Vienna were returned to the United States amid a review of security procedures over alleged unauthorized contacts with residents in communist countries. A sixth Marine was sent back under unrelated circumstances. Investigations continue, with no charges of espionage and no direct link to previous Moscow embassy scandals.
MENTIONED IN THIS ARTICLE
Vienna
Austria
UPI
United States
U.S
Soviet Union
China
Cuba
Marine Corps
Moscow
Clayton Lonetree
Cpl
Arnold Bracy
Titanic Remembered 75 Years After Unsinkable Sinking
The Titanic struck an iceberg on April 14 1912 and sank with 1523 aboard. Since its 1985 discovery 350 miles southeast of Newfoundland, new books lectures TV specials and a board game mark the 75th anniversary fueling ongoing fascination and debate.
MENTIONED IN THIS ARTICLE
John Jacob Astor
Newfoundland
Food distribution schedule change in Lawrence County
Lawrence County monthly food distribution shifts to Thursday due to Good Friday. City residents may pick up from 10 a.m. to 2 p.m. at the Pennsylvania Army National Guard Armory, while other municipalities offer 10 a.m. to noon at their sites. Items include cheese honey flour rice chickens dry milk potatoes and carrots. Enon Valley South New Castle and Bessemer have designated locations at borough firehalls.
MENTIONED IN THIS ARTICLE
Lawrence County
Pennsylvania Army National Guard
Greensburg Diocese Names Bosco Bishop designate
The Greensburg Catholic Diocese will install Anthony G. Bosco of New Castle as bishop on June 30 at Blessed Sacrament Cathedral. A spokesman said Bosco, 59, auxiliary bishop of Pittsburgh, was appointed by Pope John Paul II to succeed the retiring bishop.
MENTIONED IN THIS ARTICLE
Greensburg
UPS
Anthony G. Bosco
New Castle
Pittsburgh
Bosco
Blessed Sacrament
John Paul II
Death notices released for six individuals on April 14 1987
Kathleen L. Cox age 36 of 208 S Wayne St. Thomas M. Carrigan Sr. age 68 from Chicago Illinois. Mildred Serullo age 78 of Ellwood City. Norm Kildoo age 62 Edinburg RD. Mary M. Blackburn age 84 from Johnstown Pa. Mrs Joseph Stickle age 67 of Mentor Ohio.
MENTIONED IN THIS ARTICLE
Kathleen L. Cox
S. Wayne St
Thomas M. Carrigan Sr
Chicago
Mildred Serullo
Ellwood City
Norm Kildoo
Edinburg
Mary M. Blackburn
Johnstown
Joseph Stickle
Mentor
Ohio
Also Mentioned on This Page
J. Barnes
Thomas K. Brown
Smith Barney, Harris Upham & Co
Brown
Barry Deutsch
J. David
Eduard Shevardnadze
Shevardnadze
Kansas City
Kansas City, Mo
Burlington Air Express
Buffalo Airways
Waco
Texas
Fort Wayne
Ind
Oklahoma City
Wichita
Kan
Quantico, Va
Lonetree
Bracy
Leningrad
Iaa Mendelsohn
Smithsonian News Service
Willy Stoewer
North Atlantic
Enon Valley
South New Castle
Firehall
Bessemer
County Report
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