Business Services Industry
Progressive wins battle to invest in Md. bancorp. (MNC Financial Inc.)
Crain's Cleveland Business, December, 1990 by Shingler, Dan
Progressive wins battle to invest in Md. bancorp Progressive Corp. chairman Alfred Lerner has won a four-month battle with the Federal Reserve Board for permission for Progressive to follow in his footsteps and invest in troubled MNC Financial Inc. in Baltimore. So far, Mr. Lerner's investment in MNC has been atypical for the highly successful businessmen.
The Maryland bank holding company already has cost him more than $130 million in paper losses due to the declining value of his MNC stock holdings. The issue was apparently a sticky one for the Fed, which had been sitting on the request since August. That's because Mr. Lerner is chairman of both MNC and Progressive, a Mayfield Heights-based insurance company which is prohibited from controlling a bank....
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