MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A. , headquartered in Wilmington, Delaware , prior to being acquired by Bank of America in 2006.
52-728: Alfred Lerner (May 8, 1933 – October 23, 2002) was an American businessman. He was best known as the chair of the board of credit-card giant MBNA and the owner of the Cleveland Browns of the National Football League (NFL). He was also a past president of the Board of Trustees of the Cleveland Clinic as well as a major benefactor. Born in Brooklyn , New York , Lerner was the only son of Russian-Jewish immigrants. His parents owned
104-420: A battalion 's headquarters company would display that battalion's numeral instead of the regiment). The company-level designation letter, abbreviated title, or number will be in the lower right corner. No additional attachments are authorized, including streamers, bands, or the like. Some units incorporate additional banners or mascots into unofficial guidons. Guidons are used in the same manner as colors for
156-488: A 5% stake in the old Cleveland Browns franchise. In 1995, he assisted his friend at the time Art Modell , former owner of the Browns, in moving Modell's NFL franchise rights from Cleveland to Baltimore. Lerner introduced Modell to Baltimore financiers of the deal, and he sat behind on the podium at Modell's press conference announcing the team's move. However, many Browns fans were angered after word leaked that Modell's deal to move
208-455: A company- or platoon -sized unit. Much like the colors, the guidon represents the unit commander. It is entrusted to the unit guide for parades and ceremonies , and displayed in or near the commander's office when he or she is present. Guidons are also used in recruit training to identify individual platoons. First and second phase platoons have a gold background with their four-digit platoon number in scarlet, while third phase platoons have
260-400: A day or two late. MBNA has been found to be one of the leading implementors of rate-jacking. For further information and links, see credit card . In Ireland, MBNA was accused of calling consumers up to eight times a day who were behind in making payments, which prompted the state debt advisory service to publicly state that harassment is outlawed. Affected people were advised to complain to
312-554: A designated color guard , led by a color sergeant. He is entrusted with the care of the unit colors, which are a symbol of the United States, the Marine Corps, and the commander him/herself. The organizational colors are often passed as part of change of command ceremonies to symbolize the transfer of office. When not in use as part of a parade or ceremony, the colors are traditionally kept in the commander's office. A Marine guidon
364-452: A flag similar to the national flag, consisting of red and white stripes and a union. The union, however, contained an eagle perched on a shield of the United States and a half-wreath beneath the shield, with 29 stars encircling the entire design. Beginning in 1876, Marines carried the national colors (the Stars and Stripes) with "U.S. Marine Corps" embroidered in yellow on the middle red stripe. At
416-424: A guidon, they are displayed when the general is present, and stowed when not; visiting officers and officials often have their personal flags displayed as a courtesy. All U.S. Marine flags share a similar wooden staff and silver spearhead and ferrule . The base of the spearhead is used to support streamers or tassels if authorized. Older organizational colors may also have silver bands, awarded for participation in
468-421: A major investor and chairman of Maryland National since 1989, was the new MBNA's largest stockholder and chairman. Lerner became a multi-billionaire and purchased the Cleveland Browns franchise of the National Football League in 1998. He served as chairman of MBNA until his death in 2002. Maryland National was acquired by NationsBank in 1993. As MBNA grew, it became one of the most profitable companies in
520-400: A scarlet background with gold lettering and trim. The guidon is used as an aid to instilling unit identity and pride, representing the platoon. Some drill instructors will test that pride by attempting to dishonor the guidon and expecting the recruits to intervene. Also, the recruit assigned to carry it, the guide, is treated as the most senior recruit of the platoon, and uses the guidon to marks
572-588: A small candy store and sandwich shop in Queens, New York . He attended Brooklyn Technical High School and then Columbia College , the liberal arts college at Columbia University , graduating in 1955. While attending Columbia College, Lerner was initiated into the Delta chapter of Zeta Beta Tau fraternity. He served as a pilot in the U.S. Marines from 1955 to 1957, serving in Quantico, Virginia and Pensacola, Florida . After
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#1732880503397624-478: A wholly owned subsidiary of Bank of America. On June 10, 2006, MBNA changed its name to FIA Card Services , National Association (FIA), which is not an acronym . On October 20, 2006, Bank of America, National Association (USA), a subsidiary of Bank of America Corporation, merged with and into FIA. This purchase was a reunion of sorts. In 1993, NationsBank (formerly NCNB, and originally North Carolina National Bank ) bought MNC Financial (whose credit card division
676-460: Is always rectangular, 22 by 28 inches (56 by 71 cm), with a scarlet field and gold lettering, and an Eagle, Globe, and Anchor centered. Fleet Marine Forces units have "FMF" emblazoned above an Eagle, Globe, and Anchor (EGA), reserve units display "USMCR", and all others have "USMC". The regimental level numeral will be displayed in the lower left corner, unless a higher or lower command numeral provides better identification (for example,
728-426: Is bordered by a gold fringe while the outdoor version is plain. It measures 52 inches (130 cm) on the hoist and 62 inches (160 cm) on the fly. In addition to the multi-colored battle streamers (measuring 3 feet (0.91 m) by 2 + 3 ⁄ 4 inches (7.0 cm) wide) affixed to the top of the staff, the staff itself is covered with sterling silver bands engraved with the names of conflicts in which
780-494: Is currently in practice. Devices are embroidered onto the streamer to denote special recognition or repeat awards. Unlike the Army and Air Force flags , only a single streamer is utilized for a single campaign, with the exception of those streamers that require more than eight devices, the maximum any one streamer may hold. Devices are only authorized for campaigns participated in the 20th and 21st centuries. The official battle color of
832-821: Is honored in various ways: Among awards he received, Lerner won the Horatio Alger Award and the John Jay Award . MBNA The former Maryland National Bank , once the largest banking chain in Maryland, originated as the Baltimore Trust Company in the early 1900s. It later was challenged by the expenses and problems from the building of its landmark red brick, masonry, and limestone art deco -style skyscraper in downtown Baltimore at 10 Light Street between East Redwood (known as German Street before World War I ) and East Baltimore Streets. Construction began on
884-681: Is named after him at the University of Delaware . In 1997, a Golden Palm Star on the Palm Springs, California , Walk of Stars was dedicated to him. In 1999, Lerner received the Golden Plate Award of the American Academy of Achievement . His award was presented by Awards Council member General Charles C. Krulak , the 31st Commandant of the U.S. Marine Corps. In the Cleveland area, Lerner
936-586: The FBI . On June 30, 2005, MBNA announced that it was being acquired by Bank of America for stock and cash totaling more than $ 35 billion, and the deal was closed on January 1, 2006. The acquisition resulted in MBNA being renamed to "Bank of America Card Services" while still based in Delaware. For the first part of 2006, MBNA still issued credit cards under its own name associated with Mastercard, VISA, and American Express, but by
988-518: The Toronto-Dominion Bank would be purchasing MBNA's Canadian MasterCard portfolio. The acquisition of MBNA Canada by TD, which was completed on December 1, 2011, saw TD become a dual credit issuer (both Visa and MasterCard), become Canada's largest MasterCard issuer, and one of Canada's largest credit issuing banks. In January 2013, Virgin Money agreed to buy £1 billion of assets from MBNA, namely
1040-556: The Virgin Credit Card assets which MBNA had serviced and managed in partnership with Virgin Money since 2002. The former Vice Chairman of MBNA Corporation, Lance Weaver, became Virgin Money's President of Virgin Money Cards. On December 20, 2016, Lloyds Banking Group announced that it would purchase MBNA's UK portfolio from Bank of America for £1.9 billion, its first acquisition after the financial crisis of 2007–2008 . The deal
1092-688: The 1830s and the 1840s consisted of a white field with gold fringe, and bore an elaborate design of an anchor and eagle in the center. Prior to the Mexican–American War , this flag bore the legend "To the Shores of Tripoli " across the top. Shortly after the war, the legend was revised to read: "From Tripoli to the Halls of the Montezumas." During the Mexican and Civil Wars , Marines in the field apparently carried
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#17328805033971144-400: The Browns to Baltimore was signed on Lerner's private jet. One attorney for season-ticket holders that had sued Modell later stated, “I view, in many respects, Lerner as big of a culprit in this, if not a bigger one than Modell. It was very clear from the stuff that we saw that Lerner egged him on and supported his decision to leave and then tried to run away from responsibility when the shit hit
1196-592: The Browns. Additionally, he flew the Cleveland Browns football team flag at all MBNA America corporate sites along with the American flag and State flags. Cleveland native and fellow Marine Drew Carey paid tribute to Lerner at the end of a season 8 episode of The Drew Carey Show called "The Dawn Patrol". Lerner was diagnosed with brain cancer in 2001 and that May underwent surgery, spending most of his last year in and out of hospitals. He died on October 23, 2002, and
1248-677: The Corps has been engaged. Very little information is available regarding the flags carried by early American marines, although indications are that the Grand Union Flag was carried ashore by the battalion led by Captain Samuel Nicholas on New Providence Island on March 3, 1776. It is quite possible that the Gadsden flag was also carried on this expedition. The standard carried by the Marines during
1300-490: The Corps is maintained by Marine Barracks, Washington, D.C. ("8th and I"), and carried by the Color Sergeant of the Marine Corps. The position of the Color Sergeant was first officially designated in 1965 and was first held by Gunnery Sgt. Shelton L. Eakin. The billet is a two-year tour open to all Sergeants; the only caveat being that the applicant must be at least 6 feet 0 inches (1.83 m) tall, as outlined by
1352-411: The Corps of battalion-size or larger also hold an organizational color (which makes up the unit's colors along with the national flag ). It is usually identical to the Marine Corps battle color, though the scroll will have the unit's name instead of "United States Marine Corps". It will also bear the streamers authorized to the unit, or scarlet and gold tassels if none are authorized. Each Corps unit has
1404-554: The Marines, Lerner began selling furniture, earning $ 75 a week. eventually saving enough money to buy an apartment building in Cleveland . His real estate portfolio grew and in 1990, he became a major shareholder in MNC Financial, the parent corporation of Maryland National Bank, which was at the time the largest bank headquartered in the State of Maryland. Struggling with real estate loans in
1456-626: The United States Marine Corps The flag of the United States Marine Corps is the flag used to represent the U.S. Marine Corps , as well as its subsidiary units and formations. The official flag is scarlet with the Corps emblem in gray and gold. It was adopted on January 18, 1939, although Marine Corps Order 4 had established scarlet and gold as the official colors of the Corps as early as 1925. The indoor/parade version
1508-496: The United States, the world's largest independent credit card issuer, and the largest private-sector employer in Delaware. In 1995, MBNA moved its headquarters from a suburban location to Rodney Square in downtown Wilmington, Delaware . This investment was credited with helping to revive Wilmington's downtown real estate market. In 2003, MBNA partnered with Bluefish entrepreneur Steve Sims to launch its own credit card. Historically, many MBNA executives were former employees of
1560-595: The bank was reorganized as the Maryland National Bank. Maryland National's parent, bank holding company MNC Financial, began offering credit cards in the 1960s. In the early 1980s, Maryland banks lobbied the Maryland General Assembly for legislation to permit higher interest rates on credit-card charges, but lawmakers refused. The neighboring state of Delaware, by contrast, had removed interest-rate restrictions in 1981. When Maryland failed to do
1612-536: The close relationship between Biden and MBNA, Byron York called Biden the "Senator from MBNA" in a 1998 article for conservative magazine The American Spectator . MBNA was one of the companies mentioned on a 2004 Frontline WGBH Boston PBS special about unfair business practices by credit card companies. Some practices that Frontline claimed MBNA has engaged in included doubling or tripling of interest rates, shifting billing due dates/payment cycles monthly and raising rates for customers whose payments were
Al Lerner - Misplaced Pages Continue
1664-537: The construction of the National Museum of the Marine Corps . Lerner donated approximately $ 25 million toward the construction of a new Columbia University student center in 1999, which was named Alfred Lerner Hall in his honor. In 2007, Columbia announced it would honor Lerner's military service in the United States Marine Corps with a plaque to be placed in Lerner Hall. The College of Business and Economics
1716-477: The drill manual of the United States Marine Corp. and pass a rigorous White House security check . The Color Sergeant of the Marine Corps traditionally carries the flag of the president of the United States at state dinners and other official functions, and leads the color guard at various parades and ceremonies . The following streamers are authorized, in order of precedence: Each unit in
1768-499: The fan.” The two stopped talking shortly thereafter. In 1997, Modell paid $ 32 million to buy out Lerner's stake in the Baltimore Ravens , which had grown to 9%. After his death, his wife and son Randy Lerner took over the Browns franchise. Lerner's initials were stitched on the sleeves of the Browns' jerseys every season until the 2013 NFL season when they were removed from the jerseys under Jimmy Haslam 's new ownership of
1820-587: The fast growth of the company. It allowed for increasing the amount loaned without having to acquire matching assets to offset the loans. In Canada and Europe, the MBNA name was retained. MBNA Europe headquarters is in Chester , England, United Kingdom. MBNA Canada's headquarters is located in Ottawa , Ontario. In 2007, the Canadian division was named one of Canada's Top 100 Employers . On August 15, 2011, MBNA announced that
1872-520: The inscribing of battle honors directly on the colors of a unit was in practice, but realization that a multiplicity of honors and the limited space on the colors made the system impractical, and the procedure was discontinued. On July 29, 1936, a Marine Corps Board recommended that the Army system of attaching streamers to the staff of the organizational colors be adopted. Such a system was finally authorized by Marine Corps Order No. 157, dated November 3, 1939, and
1924-525: The line of advance in close order drill . General-grade officers and the Commandant of the Marine Corps are authorized a personal flag, which displays their rank insignia. A red background with white stars are used, while the Commandant also has a grey and gold Eagle, Globe, and Anchor. These flags are often used to mark a command headquarters in garrison, as well as a symbol for the general themself. Much like
1976-438: The midst of the savings and loan crisis , MNC soon needed leadership and Lerner stepped in as chief executive officer. He tried unsuccessfully to sell the bank's most successful unit, credit card issuer MBNA, to raise cash. In 1991, he took MBNA public, investing $ 100 million of his own money to ensure the success of the initial sale of stock. Controversial MBNA would blossom into the second largest credit card issuer. He
2028-637: The new BTC Building in 1924. Upon completion in 1929, it became the tallest building in Baltimore (and Maryland), surpassing the neighboring Citizens National Bank to the south. It opened just before the avalanche of economic disaster and unemployment following the Wall Street Crash of 1929 . After a series of reorganizations during the " New Deal " administration of 32nd President Franklin D. Roosevelt (and his bank holiday shortly after taking office in March 1933),
2080-545: The relevant authorities. The company in December 2009 admitted overcharging 500,000 Irish consumers up to €18 million. In the UK, circa September 2010, MBNA came under fire for its interpretation of new UK legislation, under which credit card providers must allocate payments to the debt with the highest interest rate first: one consumer site called MBNA's interpretation of these rules a "disingenuous money-making tactic". Flag of
2132-565: The same, MNC Financial moved its credit-card business across the state line. MBNA was founded in 1982 as Maryland Bank, N.A. Led by Charles Cawley , MBNA opened its first office in a converted A&P (Great Atlantic & Pacific Tea Company) food supermarket in Ogletown, Delaware . An early driver of MBNA's growth was the creation of "affinity cards" in 1983. Cawley convinced the alumni association at his alma mater , Georgetown University , to allow MBNA to issue credit cards branded with
Al Lerner - Misplaced Pages Continue
2184-755: The second half of 2006, all credit card products were re-branded as Bank of America rather than MBNA. At the same time in June 2005, MBNA bought Loans.co.uk (LCUK), then the United Kingdom's leading finance broker. Although figures were never released, various media outlets including newspapers in Watford , where Loans.co.uk was based, reported the deal made founders David Cowham and Steve Hayes worth £100m. MBNA/Bank of America later decided to close Loans.co.uk. On January 1, 2006, MBNA merged with and into Bank of America. MBNA America Bank, National Association, (MBNA) then became
2236-409: The team. In 1955, Lerner married his wife Norma Wolkoff. They were married for 47 years and had two children, business executive Randy Lerner , and Nancy Lerner Beck. The Lerners were members of Temple Tifereth-Israel in Cleveland. He was extremely private and shunned the limelight. He was proud of being a U.S. Marine and flew a Marine Corps flag atop the stadium during the entire time he owned
2288-507: The time of the Vera Cruz landing in 1914, a more distinctive standard was carried by Marines. The design consisted of a blue field with a laurel wreath encircling the Marine Corps emblem in the center. A scarlet ribbon above the emblem carried the words "U.S. Marine Corps," while another scarlet ribbon below the emblem carried the motto "Semper Fidelis." Orders were issued on April 2, 1921 which directed all national colors be manufactured without
2340-425: The university's name. This proved to be a successful business, and other affinity affiliations with universities, organizations, and sports teams followed; by 2004, MBNA had more than 5,400 partnerships, making up about 85% of the affinity-card market. In 1989, Maryland Bank was renamed MBNA America Bank. In 1991, MBNA Corp. spun off from Maryland National and became an independent company. Businessman Al Lerner ,
2392-404: The world at the time of the merger with Bank of America, MBNA owned or managed more than $ 122.5 billion in outstanding consumer credit loans. Most of this loan debt was held in securitized portfolios that had been sold to other entities such as insurance companies and pension funds. MBNA virtually invented the process for securitizing credit card debt and this process contributed significantly to
2444-399: The yellow fringe and without the words "U.S. Marine Corps" embroidered on the red stripe. This was followed by an order dated March 14, 1922, retiring from use all national colors still in use with yellow fringe or wording on the flag. Following World War I , the Army practice of attaching silver bands carrying inscriptions enumerating specific decorations and battles was adopted. This practice
2496-532: Was also the chairman of Town and Country Trust, which owns and operates more than 15,000 apartment units in the mid-Atlantic region. In 1998, Lerner purchased the franchise rights of Cleveland Browns of the National Football League paying $ 530 million, a record for a sports franchise at the time, outdistancing the next closest bid by $ 30 million. The runner-up bid was from Cablevision Systems chairman Charles Dolan and his brother and future Cleveland Indians owner Larry Dolan . Prior to that, Lerner held
2548-736: Was buried at Lake View Cemetery in Cleveland , Ohio. Lerner gave generously to numerous hospitals and universities. His favorite charities were the Cleveland Clinic and his alma mater Columbia University, both of which received multiple large gifts. He was president of the Cleveland Clinic Foundation and donated over $ 100 million to the hospital system to establish the Cleveland Clinic Lerner College of Medicine at Case Western Reserve University School of Medicine . Lerner's estate also donated $ 10 million toward
2600-520: Was completed on June 1, 2017 and since that time, in the United Kingdom, MBNA is a trading style of Lloyds Bank plc and is regulated in the United Kingdom by the FCA . MBNA hired Hunter Biden (then 26 years old and a recent law school graduate) during the years when his father, then-Senator Joe Biden , was pushing for bankruptcy reform legislation supported by the company, which became law and makes it more difficult to acquire bankruptcy protection. Because of
2652-432: Was discontinued on January 23, 1961. Marine Corps Order No. 4 of April 18, 1925 designated gold and scarlet as the official colors of the U.S. Marine Corps. These colors, however, were not reflected in the official Marine Corps standard until January 18, 1939, when a new design incorporating the new colors was approved. The design was essentially that of today's Marine Corps standard. For a brief time following World War I,
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#17328805033972704-640: Was spun off years earlier to become MBNA). Five years later, the Bank of America that exists today was the result of the merger between the San Francisco-based Bank of America and the Charlotte-based NationsBank. When Bank of America bought MBNA, it was in effect reuniting MNC Financial's credit card portfolio to its original banking assets and combining the Bank of America credit card portfolio with MBNA's. Employing more than 25,800 people around
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