Jerry A Grundhofer

BankAmerica Vice Chairman to Step Down: Jerry A. Grundhofer, whose success at driving down costs and improving profits at Security Pacific won him a vice chairman's post at BankAmerica Corp., the parent of Bank of America, when the institutions merged a year ago, is resigning with a $1-million-plus "golden parachute." Grundhofer, 48, who was president and chief executive of Security Pacific National Bank at the time of the merger, said he plans to leave BankAmerica by April 30.

BankAmerica Vice Chairman to Step Down: Jerry A. Grundhofer, whose success at driving down costs and improving profits at Security Pacific won him a vice chairman's post at BankAmerica Corp., the parent of Bank of America, when the institutions merged a year ago, is resigning with a $1-million-plus "golden parachute." Grundhofer, 48, who was president and chief executive of Security Pacific National Bank at the time of the merger, said he plans to leave BankAmerica by April 30.

In an unexpectedly sudden changing of the guard, Security Pacific Corp.'s two top officers--Richard J. Flamson III and George F. Moody--stepped down Tuesday, passing leadership of the nation's fourth-largest banking company to their heirs apparent, Robert H. Smith and Jerry A. Grundhofer. "What happened in the boardroom today was the product of planning that has been going on for some time," said Flamson, who has been chairman and chief executive of Security Pacific for more than a decade.

In an unexpectedly sudden changing of the guard, Security Pacific Corp.'s two top officers--Richard J. Flamson III and George F. Moody--stepped down Tuesday, passing leadership of the nation's fourth-largest banking company to their heirs apparent, Robert H. Smith and Jerry A. Grundhofer. "What happened in the boardroom today was the product of planning that has been going on for some time," said Flamson, who has been chairman and chief executive of Security Pacific for more than a decade.

Darell W. Choate has been named executive vice president in charge of Security Pacific National Bank's 560-branch retail banking network in California. Choate, 48, joined the Los Angeles-based bank in 1969 as a management trainee. Most recently, he was a senior vice president in charge of one of its five geographic divisions in the state. He will report to Jerry A. Grundhofer, a bank vice chairman.

Former BankAmerica Executive Moves East: Former BankAmerica Vice Chairman Jerry A. Grundhofer, 48, has been named president and chief executive of Star Banc Corp. of Cincinnati, a $7.5-billion-asset bank holding company for nine banking subsidiaries that operate 195 branches in Ohio, Kentucky and Indiana. Grundhofer resigned as a vice chairman of BankAmerica Corp. in March. He was formerly president and chief executive of the 600-branch Security Pacific National Bank.

Citigroup Inc. has nominated four new independent directors to its board in the latest move to toughen up the bank's oversight. The four will be up for election at the annual shareholders meeting in April. Citigroup's board has been widely criticized for allowing bank executives to make risky investments in the housing market and not having enough financial services experience. The candidates are Jerry A. Grundhofer, former chairman and chief executive of U.S. Bancorp; Michael O'Neill, former chairman and CEO of Bank of Hawaii; Anthony M. Santomero, a senior advisor at McKinsey & Co. and former president of the Federal Reserve Bank of Philadelphia; and William S. Thompson Jr., former CEO of bond fund giant Pimco.

Security Pacific Corp., signaling that it is back in the hunt for large failed thrifts, late Friday said it paid $35 million for the last major one available in Arizona: Southwest Savings & Loan in Phoenix. The Los Angeles-based banking firm gets $1.4 billion in deposits and 47 branches from the Resolution Trust Corp. under the deal.

Security Pacific Corp. said Friday that it has acquired the 24 branches and some of the assets of Mercury Savings & Loan, the insolvent thrift based in Huntington Beach that was seized earlier this year by federal regulators. The Los Angeles-based bank holding company paid $44.4 million to acquire $1.4 billion of Mercury's deposits, $330 million of its assets and its offices--including five branches in Orange County and 12 in Los Angeles. The Resolution Trust Corp. retains $1.

Robert H. Smith has been elected chairman of the board of Security Pacific Corp., succeeding Richard J. Flamson III as head of the nation's fifth-largest bank holding company, it was announced Tuesday. Smith, 55, stays on as chief executive of the corporation and chairman of Security Pacific National Bank. Flamson, 62, becomes chairman of the board's executive committee, replacing George F. Moody, 60, who is retiring. Nicholas B. Binkley, 45, and Jerry A.

John F. Grundhofer, Wells Fargo & Co.'s top banker in Southern California, is resigning to head struggling First Bank System in Minneapolis. Grundhofer, 51, one of five vice chairmen at San Francisco-based Wells Fargo, had offices in Los Angeles, where his title was senior executive officer. He is the older brother of Jerry A. Grundhofer, 45, who was named last month as president and chief executive of rival Security Pacific National Bank, the main unit of Security Pacific Corp. in Los Angeles.