The Newsmakers column in yesterday's Washington Business incorrectly identified the job previously held by Geoffrey G. Stilley, federal sales director of Epson America Inc. He was regional sales manager for Compaq Computer Corp.
Heritage International Bank of Bethesda has chosen a top management team, naming a new president and chief executive officer, chairman of the board of directors and 10 board members.
W. Griffen Morrel Jr. of the ABU Dhabi International Bank of Washington replaced Wilfred C. Wright as president and chief executive officer earlier this month, and James H. Knepshield, codirector of the Metropolitan Washington Renal-Dialysis Center in Bethesda, succeeded Donald E. Wolpe as chairman of the board. Wright and Wolpe had been with the bank since its inception in 1983.
"Both the president and chairman decided to leave the bank to pursue other business interests," said Knepshield. "So there was a need to fill the offices. There really wasn't a large change in the board. Some of the directors have moved out of state and were replaced, but most of the original founders are still with the bank."
The newly elected board members, a group of local business people, expanded the board from 22 to 25. The bank's bylaws allow for a maximum of 30 board members.
Heritage International was established by a group of business people to serve a niche in the banking market that they felt had been overlooked by area and national institutions. The bank fosters trade between the United States and Israel by financing U.S. companies that import Israeli goods and Israeli companies that set up business in the United States.
The bank also operates the only U.S. "representative" banking office in Tel Aviv, opened in 1983. Representative offices are not branch offices and, therefore, cannot accept deposits or make loans. It primarily serves as a marketing office, fostering increases in the export of Israeli goods to the United States. Morrel said the bank is exploring the possibility of converting the Tel Aviv office into a branch.
Under Morrel's direction, the bank will continue to focus on trade with Israel, but there will be more emphasis on developing business with local clients. "The Baltimore-Washington corridor is a very good banking area. We are going to work on developing our domestic presence and will cautiously be adding international business," Morrel said.
Morrel, a native of Baltimore, began his 30-year banking career with Maryland National Bank as its first trainee in 1955. At the age of 27, he was asked to establish an international department "from scratch," which had limited prospects at that time, he said. When he left the bank in 1984, he was senior vice president of the department, which accounted for 18 percent of bank profits and had offices in Singapore, Mexico and Brazil.
In 1984, Morrel moved to ABU Dhabi Bank in Washington, where he was senior vice president and chief operating officer. The bank, which has $50 million in assets and $500 million in capital, has a nationwide focus and attracts large corporate clients, he said.
"I'm excited about the opportunity to get back into the Baltimore-Washington area. I will be bringing my experience in international banking and my knowledge of the area to attract domestic business to Heritage International ," Morrel said.
In March, Heritage International reported profits of $175,400 ($1 per share), a 259 percent gain over net income of $48,849 (28 cents) last year. It also reported $3.8 million in revenue, up from $3 million the year before. BANKING, FINANCIAL SERVICES
First American Bank of Virginia named Evelyn Hite group vice president of the BankCard department. Hite joined the bank in 1963 as a loan interviewer and was promoted to executive credit officer in 1970. She most recently served as vice president of the consumer loan division and will serve as assistant manager of that department in addition to her responsibilities in the BankCard operations. COMMUNICATIONS
The Hannaford Co. Inc., a public relations firm in the District, elected Jared Cameron vice president of the company. Cameron joined the firm in 1984 as an account executive. Prior to that, he worked in Japan as marketing manager for a U.S. exporting firm and as a tourism-and-trade development executive with a Japanese firm. He also has held positions with the U.S. Department of Agriculture.
Ann Lowell Allen left her position as director of communications and government relations and publishing at the American Logistics Association after seven years to open Lowell Associates.
Allen said the firm will offer communications services such as business marketing, government relations and video production.
Prior to coming to the District, Allen lived in Washington state, where she received an Emmy award for television production and writing. COMPUTERS
Epson America Inc., a computer and printing company based in California, hired Geoffrey G. Stilley to head its Washington office. Stilley will assume the position of director of federal sales for Epson America. Prior to joining the company this year, Stilley served as president of Compaq Computer Corp.'s Washington office. Stilley is a former Navy pilot and received an MBA degree from the University of Maryland.
Suresoft Inc., a computer software development firm in McLean, named Samuel A. Simon vice president. Simon previously served as president of the consumer group Telecommunications Research and Action Center. RETAIL
Peoples Drug Stores Inc. of Alexandria made several changes within the company's central marketing department, which services the mid-Atlantic and midwestern regions. Steven A. Peck was named general merchandise manager, replacing William Eagleson, who was named corporate senior vice president for distribution; Fred Wolson was named president of the company's Alexandria subsidiary, King Importing; Gerald I. Katz was named vice president of merchandising for housewares and sundries; and William Pories was named vice president of health, beauty aids and private brands. INDUSTRIAL, MANUFACTURING
The Airflow Co., a manufacturer of environmental control equipment in Frederick, promoted Robert A. Fisher from controller to treasurer. Fisher joined the company in 1985 after holding financial positions at Grove Manufacturing Co. and American Can Co. PROFESSIONAL SERVICES
Gold & Stanley P.C. announced that Robert J. Harris has become counsel to the firm as director of its litigation department. Harris formerly served as general counsel to Allstate Financial Corp.
Touche Ross, a worldwide accounting and consulting partnership, promoted Gerald A. Polansky, partner in charge of the Washington office, to senior partner of the firm. John T. Connor, formerly responsible for the mid-Altantic region, will replace Polansky in the District office.
Gordon E. Dailey joined the consulting engineering firm of Johnson, Mirmiran & Thompson as assistant branch manager overseeing operations of the Silver Spring office.
TRW Inc. promoted Arthur H. Williams to vice president and director of group development for its federal systems group in Fairfax. Williams joined the company 26 years ago and joined the Washington office in 1985. The division provides systems engineering and related services for the government.
Ulilitrol Inc. of Springfield added Kent S. Crowley and John H. Madert to its sales engineering staff. Crowley was formerly an account executive with Energy Billing Systems for Springfield and Madert was an account representative with Leasametric Inc. of Gaithersburg. Ulilitrol provides billing services to residential and commercial customers who want to provide tenants with individual bills for electricity, gas and water.
Susan Provyn joined the finance and accounting recruiting firm Thomas, Whelan Associates Inc. as an associate, where she will oversee recruiting and placement services. Provyn joined the company from The Acacia Group, where she served as vice president of financial analysis and planning