A leading Maryland banking company announced an innovative management reorganization yesterday designed to develop executive skills in more depth.
Equitable Trust Co., one of the state's largest banks, said its four key senior vice presidents would exchange divisional responsibilities to expand career knowledge and experience.
Some leading industrial firms have launched similar programs successfully but Equitable's move was the first in Maryland's traditionally staid banking industry.
As detailed by Equitable President H. Grant Hathaway, the job exchange program involves:
J. Robert Kiehne, senior vice president for marketing, who will take over administration of the bank's branches.
Robert Lockwood, now in charge of branches, who will become chief officer of consumer credit operations.
L. P. Mathews, currently the head of consumer credit, who will take over the bank's corporate loans.
W. Bruce McPherson, now head of the corporate loan group, who replaces Kiehne as senior officer for marketing.
Said Hathaway: "We'll create better executives through this cross-fertilization process. The executive will be faced with a new set of challenges and objectives and, most importantly, he'll develop a new sensitivity to a colleague's position because now it could be his."
Separately, Equitable's parent firm -- Equitable Bancorporation -- reported record profits from 1978 operations. Not counting securities transactions, Equitable earned $13 million ($3.60 a share) compared with $10.8 million ($2.98) in 1977, a gain of 20 percent.
Equitable also declared a 5 percent stock dividend payable May 18 to owners of record April 19. Loan volume rose 19 percent to an average of $1.19 billion in 1978 while desposits averaged $1.55 billion, up 14 percent.