Rosemarie Greco: Corestates Loses A Key Asset

Rosemarie Greco traveled a long way from the convent she left in 1968 to the No.2 spot at CoreStates Financial. But on Aug. 4, the president of the Philadelphia bank startled Wall Street by announcing she was resigning for "personal reasons."

Greco, also a former teacher, had been named president of $47 billion CoreStates, the 21st-largest bank, just over a year ago by CEO Terrence Larsen. She began in banking as a secretary at Fidelity Bank in 1968, moving up the ranks to join CoreStates in 1991.

As president of CoreStates' holding company, Greco was one of the highest-ranking women in banking. She helped Larsen manage a flurry of successful acquisitions, but CoreStates has been criticized for the less-than-stellar performance of its latest, Meridian Bancorp.

Greco declined comment. But analysts say her departure leaves a void in CoreStates management and increases the odds it will be sold or merge. Bank execs were already in the midst of a strategic review of CoreStates' direction when Greco's departure was announced.

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