Stay tuned for more action at Harleysville National Corp. (Nasdaq:HNBC). An SEC filing last weel notes that John Eisele, exec v.p. of Harleysville National Bank as well as president of Millennium Wealth Management, their money management/trust operation, has entered a Separation Agreement with the bank dated July 19. This occurred just several days after a new CEO, Paul Geraghty, was appointed. More coming? Or a frustrated candidate for the CEO position?
This is the second change in the leadership of Harleysville’s Millenium Wealth Management in several years. David Sparks, former president of this business, resigned several years ago. Does this revolving chair suggest a problem in their trust operation?
Harleysville's recently announced earnings are put in a favorable spin, but profits for the second quarter 2007 were off 24 percent compared to the comparable 2006 quarter. Looks like Geraghty has his work cut out for him. Let the games begin!
- Larry Jilk is a former Pennsylvania bank executive, who own stock in several community banks including HNBC.
