Despite a career that had more to do with regulation than bank management, Brian Dittenhafer had no problem finding a job running a bank.
Mr. Dittenhafer, president of the Federal Home Loan Bank of New York, wasn't even in the job market when Collective Bancorp in Egg Harbor City, N.J., came calling. On Aug. 11, he was named president of Collective Federal Savings Bank, a subsidiary of the $2.5 billion-asset company. He will assume the post next month.
"I was satisfied with my current position and I didn't have any resumes in the market," he said. "But the opportunity arose for me to join the thrift, and I like its strong management. It's a solid institution."
Mr. Dittenhafer, 50, said it was no easy decision to leave the Home Loan bank after 16 years. Since the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the institution has lost its thrift-regulatory role and concentrated on selling and on providing support services in addition to traditional liquidity facilities for housing finance.
"I came to the conclusion that it was the right move at this time," Mr. Dittenhafer said. "I am joining a strong institution as opposed to joining one that needs to be turned around."
Edward J. McColgan, 65, whom he will succeed as Collective's president, worked with Mr. Dittenhafer some years ago at the Federal Home Loan Bank of New York. Mr. McColgan will move up to vice chairman and chief operating officer of Collective Federal.
Neil Levin, chairman of the Home Loan bank, said Mr. Dittenhafer had been "an important part of the senior management of the bank" for many years. "His expertise and experience will certainly be missed," he said.
"Brian led the bank during a very turbulent part of its history," Mr. Levin said. "His advice and counsel helped shaped the FIRREA legislation during 1989, and under his leadership the Federal Home Loan Bank of New York has adopted a new private-sector orientation."
As acting president the board has named Harold J. Fletcher, first senior vice president and chief financial officer. He is to take the post Sept. 1.
The Federal Home Loan Bank of New York serves New York, New Jersey, Puerto Rico, and the U.S. Virgin Islands. Mr. Dittenhafer was its president for seven years, following stints as vice president and chief economist, senior vice president, chief financial officer, and executive president.
Before joining the institution in 1976, he was an economist at the Federal Reserve Bank of Atlanta.
More Depth for Management Team
"We are extremely pleased to add someone of Mr. Dittenhafer's caliber to our organization," said Thomas H. Hamilton, president and chief executive officer of Collective Bancorp. "His extensive background in economics and financial administration will add depth to our already solid management team."
Mr. Dittenhafer is a graduate of Ursinus College, Collegeville, Pa., and holds a master's degree in economics from Temple University, Philadelphia. His hobbies are boating and reading history.
"My business traveling time will be cut," said Mr. Dittenhafer, "and my job at Collective Federal will give me more time to spend with my family."