Kalangis Inherits Additional Duties at Sunwest
The resignation of a second top officer at the limping Sunwest Financial Services Inc., the largest banking company in New Mexico, has concentrated power in the hands of president and chief executive Ike Kalangis.
Mr. Kalangis, 54, on Friday assumed the additional duties of chairman and chief executive at the company's lead bank, Sunwest Bank of Albuquerque.
The move follows the resignations of William G. Grady, who had led the lead bank since 1978, and Douglas B. Barfield, who succeeded Mr. Grady in late July. Mr. Grady announced his retirement following 40 years at Sunwest. Mr. Barfield resigned because of illness.
The two departures capped a Sunwest management realignment that began last year, after the company suffered realty lending losses and suspended its common dividend.
Earnings Falloff in 1990
Sunwest lost $1.8 million in 1990, compared with a $20 million profit in 1989. The company is operating under a supervisory agreement with the Federal Reserve Bank of Kansas.
Sunwest earned $2.8 million during the first half of 1991 - a 0.29% annualized return on average assets - and finished the period with $135.5 million of problem assets, equaling 8.15% of gross loans.
The company's stock recently has risen on speculation of a buyout offer. Trading at roughly $16 per share on Monday, the stock is well above its 52-week low of $10.25. Mr. Kalangis said Sunwest would consider buyout proposals but stated that no discussions are in progress.
Other Changes in Management
Mr. Kalangis steadily gained responsibility during Sunwest's downturn and recently made several key appointments at the banking company.
In July, Timothy Marquardt was promoted to chief financial officer from general auditor at the parent company. Steven Strunk was named loan review administrator, and Step Dobyns was named controller. In June, William Elder was named Sunwest's chief administrative officer.