Three years after Security Pacific Corp.'s finance companies became part of BankAmerica Corp., they have become a talent pool for other banks.
Analysts said a "substantial" number of executives have left the former Security Pacific businesses since the merger in 1992.
These executives are finding more entrepreneurial positions and better career movement in other banks, observers said.
BankAmerica is in the midst of reviewing possible cost reductions, and has decided to sell off its corporate trust business. These moves have prompted former Security Pacific professionals to look elsewhere for opportunity.
The most recent departure was announced last week when Cincinnati-based Star Banc Corp. said it had snatched a former SecPac official to start a new consumer finance business.
Kenneth "Randy" Griffith will head Star Banc Finance Inc., a wholly owned subsidiary that will provide indirect new and used auto loans, second mortgages, personal loans, sales, and other types of financing.
Mr. Griffith, 47, was brought to Star Banc by its chairman, president, and chief executive, Jerry Grundhofer.
Mr. Grundhofer was formerly chief executive and president of SecPac's lead subsidiary.
Many executives left SecPac for Star Banc after the BankAmerica merger, including Star Banc's current chief financial officer, David Moffett. Mr. Moffett had been a senior vice president and treasurer at SecPac.
Richard Davis, now a Star Banc executive vice president for consumer banking, held the same position at SecPac.
"They all knew each other," Mr. Alpert said.
Mr. Griffith could not be reached for comment, but BankAmerica said he left in July.
BankAmerica said business units it acquired from SecPac continue to grow. And PaineWebber banking analyst Lawrence Cohn called BankAmerica's San Diego-based consumer finance subsidiary, Security Pacific Financial Services Inc., "ungodly profitable."
Mr. Griffith had been executive vice president of national operations at Security Pacific Financial Services.
Another former SecPac executive who got a new job last week is asset- based lending expert Scott Sampson.
Mr. Sampson, who left BankAmerica in 1988, was named president and chief operating officer of Coast Fed Business Credit Corp., the asset-based lending subsidiary of Los Angeles-based Coast Federal Bank.
Mr. Sampson came most recently from Corporate Finance West, a Westinghouse Credit Corp. subsidiary in Los Angeles.
At SecPac, Mr. Sampson was chief executive officer of Security Pacific Business Credit Corp. and Security Pacific Business Finance Inc., which are now both part of BankAmerica Business Credit.
Mr. Sampson said he built the two SecPac units "from scratch" during his nine years there into a business totalling $1 billion of assets.
At Coast, Mr. Sampson said he hopes he'll have the same kind of opportunity he had at SecPac. Coast "has extended its support for the future of the subsidiary which portends future portfolio growth and expansion," he said.
Coast Fed Business Credit has almost $250 million of assets and will be expected to generate internal growth as well as to make acquisitions, Mr. Sampson said.
