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Top Exec of Big Banking Company Resigns

May 4, 1992

BALTIMORE (AP) _ Peter L. Gartman, who helped revive troubled MNC Financial Inc., Maryland’s biggest banking company, has resigned as vice chairman and chief financial officer.

Gartman said he wants to pursue outside business ventures and spend more time with his family.

Gartman’s resignation was effective April 30. MNC is the parent of Baltimore-based Maryland National Bank and American Security Bank in Washington.

As chief financial officer, Gartman has assisted the firm in its effort to shed shaky and delinquent real estate loans that have caused multi-million dollar losses over the past two years.

″In his tenure with MNC Financial, he has made a lasting contribution towards restoring our profitability and improving our prospects for the future,″ Chief Executive Officer Frank P. Bramble said last week.

″Mr. Gartman has indicated that, as MNC’s recovery had begun to advance more solidly, he also felt the timing was appropriate to move forward into another business opportunity.″

The company didn’t provide specifics on Gartman’s plans.

Bramble said that a search for a new chief financial officer had begun, focusing on candidates within the company. He said he hoped to name someone this week.

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