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BUSINESS
July 19, 1987
G. Robert Truex Jr., chairman of Seattle-based Rainier Bancorp, has decided to step down from his leadership of the Washington's second-largest bank holding company. Truex, who will be replaced by Rainier President John Mangels, is leaving at a time when Rainier becomes a subsididary of Los Angeles-based Security Pacific Corp. The 63-year-old Truex said he decided to leave after 14 years as the bank's chairman and CEO because "it's just time." He also cited health reasons.
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BUSINESS
August 16, 1988
Jon M. Christoffersen, 45, vice chairman at Security Pacific Bank and until recently president of Rainier Bank and Rainier Bancorp., has been elected president of San Francisco-based Visa U.S.A., effective Oct. 1. In addition, Visa U.S.A. Executive Vice President Roger L. Peirce, 47, has been named chief operating officer, a new position. Charles T. Russell, president of Visa U.S.A. since 1981, continues as chief executive of Visa U.S.A.
BUSINESS
July 9, 1987
Security Pacific National Bank said Wednesday that it provided $65 million to finance Fluorocarbon Co.'s recent acquisition of the industrial polymers division of Eaton Corp. The financing consists of a $30-million term loan and a $35-million revolving credit line. Security Pacific Business Bank underwrote the entire amount. The bank said Rainier Bancorp. of Seattle will participate in the financing. Fluorocarbon, based in Laguna Niguel, manufactures rubber and plastic products.
BUSINESS
October 20, 1987 | DOUGLAS FRANTZ, Times Staff Writer
Security Pacific Corp. posted net income of $128.1 million for the third quarter, the big Los Angeles-based banking company said Monday, an increase of 8.3% over the same period a year ago. The quarterly earnings report marked a rebound from Security Pacific's net loss of $172.4 million in the second quarter, which resulted from a $500-million addition to reserves for loan losses.
BUSINESS
July 19, 1987
G. Robert Truex Jr., chairman of Seattle-based Rainier Bancorp, has decided to step down from his leadership of the Washington's second-largest bank holding company. Truex, who will be replaced by Rainier President John Mangels, is leaving at a time when Rainier becomes a subsididary of Los Angeles-based Security Pacific Corp. The 63-year-old Truex said he decided to leave after 14 years as the bank's chairman and CEO because "it's just time." He also cited health reasons.
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