Argo: Volume 17, Number 12 |
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Vol. 17 No. 12 A WEEKLY INDEPENDENT STUDENT PUBLICATION 'Pomona, N.J. 08240 'Argo' Is not an official publication of Stockton State College, but is pub-lished by an Independent corporation licensed In New Jersey. Monday,May 2,1977 l i l l l l ^ l l l i l i l l i President Bjork and the Mainland Bank a I'm Careful To Make Bulletin Article Relates History Of Mainland Bank Dealings [Reprinted from Sunday Bulletin, April 24] By S. William White and James Weinstein Of The Bulletin Staff The Mainland Bank by most standards, should have been a success for more than 600 stockholders who invested millions in the South Jersey bank during the last five years. It wasn't. Instead, the value of the stock plummeted more than 60 percent; bad loans resulted in a bank loss of nearly $2.5 million; the state is investigating the Linwood, Atlantic County bank for questionable dealings by its current and former directors; and Mainland, itself, is very close to the end of its line. Against this background, stockholders will vote THursday on whether to merge their troubled institution with First Peoples National Bank of Westmont. In the words of the management proxy statement to shareholders; "approval of the [merger] proposal may be essential to prevent the loss of the economic value of the share-holders1 ownership interest in Mainland Bank." The merger with First Peoples is one of two alternatives spelled out for Mainland by state and federal regulatory agencies that loversee banking operations, according to Dr. Richard Bjork, chairman of the bank's board and president of Stockton State College. The other alternative would be to attract new investors to build up capital and thereby offset five years of successive losses. In view of the bank's troubled financial situation, however, it's questionable whether it could attract new investors, according to Roger Wagner, director of the state Banking Department. "They decided they (directors) couldn't raise it among themselves and they couldn't successfully sell stock," Wagner said, "so they chose the alternative and started looking for a partner." First Peoples with assets of about $607 million, is that partner and although William Rohrer, chairman and president of the West-mont- based national bank, wouldn't comment extensively, he said of Mainland; "They need somebody like us to get in there to straighten Continued on Page 9 These Worlds Very Separate Searight Demands Board Not Reappoint Bjork; Board Backs President By the Argo Staff CC 103, April 28, In a closed session before the Board of Trustees, John Searight, representing the Stockton faculty union, cal-led for the postponement of the reappointment of Presi-dent Bjork. Searight presented "elev-en specific concerns" to the Board regarding the present evaluation and treatment of faculty mem-bers, noting especially the prevailing philosophy that faculty are viewed as em-ployees and administrators as managers - all working within a corporate struc-ture. These concerns have exis-ted for some time, accord-ing to Searight, but have been stimulated because of the recent investigation into President Bjork's affiliation with the Mainland Bank. SEE ACCOMPANYING STORY Following the Boards open monthly meeting Sea-right refused to elaborate on the "eleven specific concerns," saying only that " in light of the Boards re-sponse and apparent com-mittment to take them ser-iously and investigate, the "specifics" would at least for now, remain within the closed session. " The Board of Trustees did not, however, take them seriously enough to Continued on Page 10 ARGO Interviews Stockton College President Bjork On News Articles By Wayne Wippermann As a result of the recent publicity over the Mainland Bank and Stockton's Presi-dent Richard Bjork, Argo held an inter-view with the President for his com-ments. Argo: How do you feel about the press reports on the Mainland Bank and your affiliation with the bank? Bjork: That inquiry [the newspaper re-ports] of Mainland Associates is over. That thing is dead. All of the material in the Proxy statement, which the Bul-letin and the Atlantic City Press used, is old, old, history. Argo: What is going to happen to the Mainland Bank now that the merger with People's Bank seems apparent? Bjork: Right now, I feel that the Main-land Bank is much stronger than in the past. There has been a long, on-going process with People's. Argo: Some people have expressed concern that your work with the bank may be conflicting with your duties as President of the College. Do you have anything to say about this? Bjork: The people from the Bulletin also asked me this question. I have filed my activities with the Ethics Committee of the New Jersey State Attorney Gener-al's Office. As chairman of the bank's directors, I don't get paid. And, as a stockholder, I hold only a very, very small share. I see my job as chairman of the bank's direc-tors as a neutral person. I consider tho position as a public service activity. Argo What about your work with the College? Bjork: I'm very careful to make these worlds [my work with the college and the bank] very separate. I am also affiliated with Research for Better Schools and the Educational Computer Network, Continued on Page 9
Object Description
Rating | |
Title | Argo: Volume 17, Number 12 |
Date | 1977-05-02 |
Publisher | Argo Corporation |
Subjects | The Weekly Stockton Community Newspaper |
Publication Title | Argo |
Publication Date Range | 1971 - present |
Description
Title | Argo: Volume 17, Number 12 |
Date | May 2, 1977 |
Publisher | Argo Corporation |
Transcript | Vol. 17 No. 12 A WEEKLY INDEPENDENT STUDENT PUBLICATION 'Pomona, N.J. 08240 'Argo' Is not an official publication of Stockton State College, but is pub-lished by an Independent corporation licensed In New Jersey. Monday,May 2,1977 l i l l l l ^ l l l i l i l l i President Bjork and the Mainland Bank a I'm Careful To Make Bulletin Article Relates History Of Mainland Bank Dealings [Reprinted from Sunday Bulletin, April 24] By S. William White and James Weinstein Of The Bulletin Staff The Mainland Bank by most standards, should have been a success for more than 600 stockholders who invested millions in the South Jersey bank during the last five years. It wasn't. Instead, the value of the stock plummeted more than 60 percent; bad loans resulted in a bank loss of nearly $2.5 million; the state is investigating the Linwood, Atlantic County bank for questionable dealings by its current and former directors; and Mainland, itself, is very close to the end of its line. Against this background, stockholders will vote THursday on whether to merge their troubled institution with First Peoples National Bank of Westmont. In the words of the management proxy statement to shareholders; "approval of the [merger] proposal may be essential to prevent the loss of the economic value of the share-holders1 ownership interest in Mainland Bank." The merger with First Peoples is one of two alternatives spelled out for Mainland by state and federal regulatory agencies that loversee banking operations, according to Dr. Richard Bjork, chairman of the bank's board and president of Stockton State College. The other alternative would be to attract new investors to build up capital and thereby offset five years of successive losses. In view of the bank's troubled financial situation, however, it's questionable whether it could attract new investors, according to Roger Wagner, director of the state Banking Department. "They decided they (directors) couldn't raise it among themselves and they couldn't successfully sell stock," Wagner said, "so they chose the alternative and started looking for a partner." First Peoples with assets of about $607 million, is that partner and although William Rohrer, chairman and president of the West-mont- based national bank, wouldn't comment extensively, he said of Mainland; "They need somebody like us to get in there to straighten Continued on Page 9 These Worlds Very Separate Searight Demands Board Not Reappoint Bjork; Board Backs President By the Argo Staff CC 103, April 28, In a closed session before the Board of Trustees, John Searight, representing the Stockton faculty union, cal-led for the postponement of the reappointment of Presi-dent Bjork. Searight presented "elev-en specific concerns" to the Board regarding the present evaluation and treatment of faculty mem-bers, noting especially the prevailing philosophy that faculty are viewed as em-ployees and administrators as managers - all working within a corporate struc-ture. These concerns have exis-ted for some time, accord-ing to Searight, but have been stimulated because of the recent investigation into President Bjork's affiliation with the Mainland Bank. SEE ACCOMPANYING STORY Following the Boards open monthly meeting Sea-right refused to elaborate on the "eleven specific concerns," saying only that " in light of the Boards re-sponse and apparent com-mittment to take them ser-iously and investigate, the "specifics" would at least for now, remain within the closed session. " The Board of Trustees did not, however, take them seriously enough to Continued on Page 10 ARGO Interviews Stockton College President Bjork On News Articles By Wayne Wippermann As a result of the recent publicity over the Mainland Bank and Stockton's Presi-dent Richard Bjork, Argo held an inter-view with the President for his com-ments. Argo: How do you feel about the press reports on the Mainland Bank and your affiliation with the bank? Bjork: That inquiry [the newspaper re-ports] of Mainland Associates is over. That thing is dead. All of the material in the Proxy statement, which the Bul-letin and the Atlantic City Press used, is old, old, history. Argo: What is going to happen to the Mainland Bank now that the merger with People's Bank seems apparent? Bjork: Right now, I feel that the Main-land Bank is much stronger than in the past. There has been a long, on-going process with People's. Argo: Some people have expressed concern that your work with the bank may be conflicting with your duties as President of the College. Do you have anything to say about this? Bjork: The people from the Bulletin also asked me this question. I have filed my activities with the Ethics Committee of the New Jersey State Attorney Gener-al's Office. As chairman of the bank's directors, I don't get paid. And, as a stockholder, I hold only a very, very small share. I see my job as chairman of the bank's direc-tors as a neutral person. I consider tho position as a public service activity. Argo What about your work with the College? Bjork: I'm very careful to make these worlds [my work with the college and the bank] very separate. I am also affiliated with Research for Better Schools and the Educational Computer Network, Continued on Page 9 |
Subjects | The Weekly Stockton Community Newspaper |
Publication Title | Argo |
Publication Date Range | 1971 - present |
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