| |
| | Takeover or turnaround? Management shuffle at Pittsburgh's NSD Bancorp begets speculation (Site not responding. Last check: 2007-10-18) |
 | | More recently, NSD took a $2.5 million loan loss provision in the quarter ended June 30, hampered by a single Washington County, PA, commercial loan relationship that spawned three loans, with an aggregate unpaid principal balance of $5.3 million and secured by two properties and business assets located in the county that were pronounced nonperforming. |
 | | NSD said in a July 29 Form 8-K that its board and management were "taking appropriate action to address the situation and to reduce the possibility of a similar occurrence in the future." The added provision resulted in a loss of $429,000, or 13 cents per share, in the quarter. |
 | | Gibson and Radick entered into a change of control agreement with NSD in March 2003, effective as of Dec. 12, 2002, stating that should either be terminated after a sale of the company, for reasons other than cause, each would be entitled to receive a lump sum payment equal to 2x his annual salary. |
| www.snl.com /bank/archive/20030908.asp (834 words) |
|