First Union announces changing of the guard at home loan units.

First Union Corp. unveiled a series of top-level executives changes Friday at its mortgage lending and home equity units.

The Charlotte, N.C., banking company announced that James A. Abbott, longtime chief of First Union Mortgage Corp., would retire at yearend and be replaced by James Maynor, currently president of First Union Home Equity Corp.

Greg M. Hining will take over for Mr. Maynor. Mr. Hining is northern region executive for First Union National Bank of North Carolina.

A Long-Held Goal

Mr. Abbott said retiring had been on his mind for many years. "I am going to just stop and enjoy life and take it easy," he said.

First Union's servicing portfolio totaled $32.7 billion last year, making it the 14th-largest in the country. It has almost doubled since 1990, when the portfolio stood at $17.9 billion.

First Union was the nation's 19th-largest loan originator last year, when it originated $8.7 billion worth of loans.

H. Burt Mellon, an executive vice president at the parent First Union Corp., praised Mr. Abbott.

Southern Gentleman

"For 32 years, Jim Abbott has provided the leadership and innovation needed to position First Union Mortgage Corp. at the forefront of our industry," Mr. Mellon said in a statement. "We salute his accomplishments."

Mr. Abbott, a colorful Southern gentleman, said he had been planning for many years to retire when he reaches 55 in October. He has been working since he was 12 years old, he said, and retiring at 55 was "a personal goal."

Most recently, Mr. Abbott spearheaded an aggressive expansion of First Union's telemarketing and affinity lending operation this year.

First Union Mortgage now has 61 outlets in 15 states.

In 1990, Mr. Abbott was awarded the Mortgage Bankers Association of America's highest honor for his "outstanding commitment to the industry and his record of achievement within the MBA."

Finding a Replacement at Home

Mr. Abbott said he told Mr. Melton of his retirement plans this summer. The mortgage unit did not look outside First Union Corp. for his replacement, he said, and Mr. Maynor was a "very obvious choice."

Mr. Maynor, 48, has greatly expanded First Union Equity Corp. since becoming its president in 1993. It has tripled its branch network since then, to 175 offices in 45 states.

The home equity unit is one of the 20 largest such lenders in the nation, according to David Olson of David Olson Research Co., Columbia, Md.

Mr. Maynor was a solid performer at First Union Equity, Mr. Olson said, adding, "I don't think he has ever made a mistake there."

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