BOSTON – Bank of America Corp., the third-biggest U.S. bank, said Chairman Charles “Chad” Gifford will retire at the end of January and remain a member of the board of directors.
CEO Kenneth Lewis, 57, was named chairman by the board, the Charlotte, N.C.-based bank said in a statement.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Gifford, 62, was chairman and CEO of FleetBoston Financial Corp. when Bank of America agreed to buy the company in October 2003. His retirement follows the April resignation of president Eugene McQuade, 55, who was Fleet’s president and chief operating officer before Bank of America completed the $48 billion takeover April 1.
“Chad is a tremendous leader and has made an indelible mark on our company,” said Lewis, who is also president of the company. Lewis has been a board director since 1997 and was chairman from April 2001 to March 2004, when Gifford assumed the title.
Gifford, who received his bachelor’s degree from Princeton University, joined a company predecessor in 1966. Between 1975 and 1977 he was in charge of lending operations for the bank in London. He became head of corporate banking in 1984 and was named vice chairman of the Bank of Boston Corp. in 1987. He became CEO of FleetBoston on Dec. 31, 2001 and chairman a year later. (Bloomberg News)
Office posts solid loan activity in Fall River
FALL RIVER – The Fall River Office of Economic Development reported that it approved 21 loans in 2004 for a total of almost $1.9 million. Those loans, according to the office, will create 176 new jobs.
During a brief government center reception honoring loan recipients and banking partners, the office said the amount of private investment leveraged in these loans totaled more than $17.8 million. The business loans are also projected to retain 114 jobs.
Mayor Edward M. Lambert Jr., the office’s chairman of the board, said the recipients represent a wide cross-section of the Fall River business community and together “helped fuel the Fall River economy” this year.
“The city of Fall River is blessed with a very resilient business and banking community that has demonstrated time and again a willingness and ability to get the job done,” Lambert said. “That means more jobs, more private investment and a healthier local economy.”
Slots at Mass. tracks would yield $300M
DARTMOUTH – If Massachusetts legislators approve a proposal for 1,000 slot machines at each Massachusetts racetrack, the four locations will generate at least $300 million, according to a preliminary report from the Center for Policy Analysis at the University of Massachusetts Dartmouth.
Estimates also show that the 4,000 slots will pull $100 million from Rhode Island’s two slot parlors, Lincoln Park and Newport Grand. A bill filed for the 2005 session seeks approval of slot machines and the licensing of two casinos, one in western Massachusetts and the other in either Bristol or Plymouth counties. A more detailed analysis will be in the center’s “2005 New England Casino Gaming Update,” to be released in late January, the university said.
Center officials said this could be the state’s first step in recapturing some of the $1 billion-plus spent annually by residents at Connecticut’s casinos and Rhode Island’s gaming parlors. Last year’s update estimated that residents spend about $829 million, and Rhode Island residents more than $300 million, at Foxwoods and Mohegan Sun, the center said.
Conservatively assuming a win-per-machine (wpm) of $200 a day, the 4,000 slots would bring in $292 million in new revenues, the center said. Foxwoods, Mohegan Sun and Lincoln Park all have wpm per day averages of more than $300 million, while Newport Grand’s exceeds $200 million.
GTECH gets $85M Missouri lottery deal
WEST GREENWICH – GTECH Holdings Corp. was selected by the state of Missouri to provide a new online lottery central system, terminals and ongoing services under a proposed seven-year integrated services contract. GTECH expects to generate approximately $85 million over the seven-year term of the contract.
The contract is expected to commence July 1 with the option to renew the contract for up to eight years beyond the expiration date of June 30, 2012.
“We’ve had a successful partnership with the Missouri Lottery since 1991, and we are grateful for the opportunity to build on this relationship over the next seven years,” stated GTECH President and CEO W. Bruce Turner.
GTECH will provide ongoing services to the Missouri Lottery including installation and maintenance of the central system, terminals and communications network; software maintenance; retailer training; marketing support; hotline management; and field service.
Washington Trust announces dividend
WESTERLY – The board of directors of Washington Trust Bancorp Inc. declared a quarterly dividend of 17 cents per share for the quarter ending Dec. 31. The dividend will be paid Jan. 14 to shareholders of record on Jan. 4.
“Washington Trust has had an outstanding year,” said John C. Warren, chairman and CEO of The Washington Trust Company. “This dividend reflects our performance and our ongoing commitment to our shareholders.”
