Sandy Spring Bancorp Profit Rises
Olney-based Sandy Spring Bancorp, the holding company of Sandy Spring Bank, said second-quarter profit rose 22 percent, to $7.8 million (53 cents a share), compared with $6.4 million (43 cents) in the same period a year ago.
Sandy Spring Bancorp also said it was buying West Financial Services, an asset management and financial planning firm based in McLean. West Financial Services will retain its name, and Ronald West will remain chief executive. Terms were not disclosed.
PNC Profit Falls on Riggs Acquisition
PNC Financial Services said second-quarter profit fell 7 percent, to $282 million, because of charges related to its acquisition of District-based Riggs National. The Pittsburgh bank also unveiled a plan to eliminate about 3,000 jobs, though none in the Washington area.
Corporate Executive Board Chief Gets Raise
Thomas L. Monahan III took over as chief executive of Corporate Executive Board, the Washington-based consulting company, on July 1, and with the new job comes a new salary.
Monahan, the company's former general manager for the corporate practice group, earned $445,000 in salary and a $250,000 bonus in 2004. As of July 1, his salary rises to $500,000, and he could earn a bonus of $550,000, according to a filing with the Securities and Exchange Commission.
Monahan succeeds James J. McGonigle, who is now executive chairman. As chairman and chief executive, McGonigle earned $600,000 in salary and a $550,000 bonus in 2004. His salary now shrinks to $480,000. He could earn a bonus of $480,000.
Stock option awards for Monahan or McGonigle were not changed, a company spokesman said.
Compiled from staff and news service reports.