Citicorp's Horner May Replace 1st Nationwide's Charles Reed
Charles E. Reed, head of residential lending at Ford Motor Co.'s First Nationwide Bank, is planning to leave the beleaguered thrift, a spokesman confirmed.
Mr. Reed recently told senior management that he wants "to pursue other opportunities," said the spokesman, Steve Johnson. Mr. Reed, who could not be reached for comment, is expected to remain at First Nationwide until a successor is found.
Among those interviewing for the job, industry sources said, is Robert D. Horner, chairman of Citicorp Mortgage Inc. Citicorp is dismantling that unit as part of a reorganization of its mortgage lending. Mr. Horner declined to comment.
Like many thrifts, the San Francisco-based First Nationwide has fallen on hard times. With $27 billion of assets, it lost $27 million in the first half of this year.
Departure Termed Voluntary
That has led some rivals to speculate that Mr. Reed's departure was forced. But the thrift's main problem, commercial real estate, is outside Mr. Reed's area. And Mr. Johnson flatly denied an ouster, calling the move "a personal decision of Chuck's."
Mr. Reed became First Nationwide's executive vice president of mortgage lending in August 1989. He was previously a senior vice president at the thrift.
Mr. Reed is due next week to become chairman of the Mortgage Bankers Association of America panel that handles relations with the Federal National Mortgage Association.
PHOTO : Charles E. Reed Leaving First Nationwide
PHOTO : John M. Teutsch To join Meridian Bancorp