Chairman Resigns At Greater N.Y.

Charles J. Ohlig has resigned for personal reasons as chairman and chief executive of the Greater New York Savings Bank, the bank announced.

Gerard C. Keegan, 45, was named to succeed Mr. Ohlig while continuing as president and chief operating officer, subject to regulatory approval.

The $2.9 billion-asset thrift remains adequately capitalized, reporting a 4.6% capital ratio, including preferred stock, at Sept. 30. But that ratio has slipped from 6.2% this year due to losses on commercial real estate loans.

Mr. Ohlig, 54, who joined the bank in 1981 and became chairman in 1988, oversaw aggressive real estate lending that continued even after signs of trouble began to appear in the New York market.

In 1989, Greater New York Savings' portfolio of commercial real estate rose to $673 million, from $615 million. Commercial real estate now accounts for 35% of its loans.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.