Cardinal Bank Names New Executive
Kathleen Walsh Carr, one of the area's best-known banking executives, has joined Cardinal Bank of McLean as president of its Washington operations. Carr, who has more than 30 years of experience in banking, announced last month that she was stepping down as president and chief executive of Abigail Adams National Bank, a District-based community bank founded to serve women and minority-owned businesses.
Cardinal, which has 21 branches in Northern Virginia, has been growing rapidly. The bank said it plans to open its first branch in the District by year's end at the corner of 18 and K Streets NW.
ACQUISITIONS & MERGERS
Capital One Completes Hibernia Deal
Bank holding company Hibernia was taken over by Capital One Financial of McLean in a stock and cash deal valued at about $5 billion. Hibernia shareholders approved the acquisition Monday. Capital One originally offered $5.35 billion for New Orleans-based Hibernia. The offer was lowered by $350 million after Hurricane Katrina hit Louisiana.
Most of Hibernia's top management, including chief executive J. Herbert Boydstun, remains. Hibernia will change its brand name to Capital One during the second quarter of 2006, Capital One said.
Brink's Selling Freight Unit
Brink's, known for its armored-vehicle services, said it agreed to sell its BAX Global freight-shipping division to German railroad Deutsche Bahn for $1.1 billion. BAX Global, based in Irvine, Calif., ships heavyweight cargo internationally and provides transportation logistics. It employs more than 12,000 people worldwide.
The all-cash deal will allow Richmond-based Brink's to concentrate on its security services. For years, the company has been narrowing its focus, starting with its exit from the coal business.
The acquisition, which is expected to be completed around year-end, is subject to regulatory approval.
EntreMed Finds Optimal Panzem Dose
Drug developer EntreMed said it established an optimal dose for its experimental cancer treatment Panzem NCD after completion of two early-stage clinical trials. The limiting factor in establishing a safe maximum dose of Panzem NCD was fatigue, the company said. The company has Food and Drug Administration orphan drug status for Panzem NCD in the treatment of ovarian cancer and multiple myeloma, a type of blood cancer.
Compiled from staff and news service reports.