SAN FRANCISCO -- Pacific First Bank has named John C. Dean, an 11-year veteran of First Interstate Bancorp, president and chief executive officer.
Seattle-based Pacific First, a thrift owned by Royal Trustco Ltd. of Toronto, also announced the resignations of former president and chief operating officer William D. Pettit and chief lending officer Robert D. McIntosh. They will assume new positions with R.T. Holdings Inc., Pacific First's holding company.
Hartland M. MacDougall will continue as Pacific First's chairman. He is also chairman of Royal Trustco.
A Curtain on Turmoil
The appointments end a period of management turmoil that saw the acrimonious departure of former chairman and chief executive Jerry E. Pohlman. Industry sources said there was also pressure from thrift regulators to oust Mr. Pettit and Mr. McIntosh.
Following an examination last summer, the Office of Thrift Supervision criticized Pacific First for a heavy concentration of construction and land development loans in California and the Northwest, the sources said.
Mr. Dean, 44, was named chairman, president, and chief executive officer of First Interstate Bank of Washington in January 1990. He lost that job in September when the bank's Los Angeles-based parent consolidated its Washington and Oregon units, establishing a regional headquarters in Portland.
A Strong Track Record
From 1986 to 1990 Mr. Dean headed First Interstate Bank of Oklahoma and oversaw impressive gains in profits and market share.
The reassignments of Mr. Pettit and Mr. McIntosh show that Royal Trustco does not share regulator's harsh judgment of the executives. Analysts have said they were particularly surprised by the OT's stand on Mr. Pettit, who was known as a smart and talented banker at Pacific First and previously as a senior executive of Seattle-First National Bank, a BankAmerica Corp. affilate.
