Thursday, April 10, 2003

Tristate summary



From staff reports

CEO fired in Armor shakeup

Armor Holdings Inc., parent of Fairfield's O'Gara-Hess & Eisenhardt vehicle armoring company, fired Jonathan M. Spiller, its longtime president and CEO.

Chairman Warren B. Kanders was named CEO, and Robert R. Schiller, chief financial officer, was named to the additional post of chief operating officer overseeing day-to-day operations.

The company's shares closed at $10.31, down 20 cents, Wednesday after Kanders reaffirmed the company's financial forecast. Analysts are expecting earnings of 19 cents a share in the first quarter and 98 cents for the full year.

Feds: Provident should be liable

Federal regulators claim that Provident Bank's negligence helped a former Cincinnati stockbroker steal millions from clients - and that the bank should be held liable.

Attorneys overseeing the liquidation of Donahue Securities and the repayment of its former clients this week sued Provident for almost $3.2 million. The suit claims Stephen G. Donahue deposited investors' checks intended for a tax-free bond fund into his personal account at Provident.

Provident should not have allowed the misdirected deposits, the suit says. A Provident spokesman said bank policy is not to comment on pending litigation.

Any funds recovered from the suit would reimburse the federally mandated insurance company that has since repaid most of Donahue's former clients.

Donahue has pleaded guilty to a federal fraud charge and is awaiting sentencing of up to five years in prison in May.



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