Security Hires Daly from Glenfed as Mortgage Chief

Jack Daly has jumped from Glendale Federal Bank to Security Pacific Bank to lead its red-hot home mortgage division.

Mr. Daly succeeds Scott McAfee, who has taken on broader responsibilities in consumer lending. Mr. McAfee will coordinate consumer lending of the seven banks of Los Angeles-based Security Pacific Corp.

Mr. Daly, who had been an executive vice president of Glendale Federal responsible for California retail operations, left amid a sharp retrenchment by the thrift's parent, Glenfed Inc. The holding company's president, Keith Russell, resigned abruptly in June.

Mr. Daly, a senior vice president at Security Pacific, said he was drawn to the bank because of the growth prospects for its mortgage operation. Security Pacific has been at the forefront of a push by commercial banks into mortgages.

For the first half of this year, Security Pacific originated about $1.5 billion of home loans, up 50% from loans a year earlier.

Quest for Consistency

Mr. McAfee, who retains the title of executive vice president, said he would seek to coordinate the seven bank's consumer lending in a manner that has already been done with mortgages.

"We'd like to bring some more consistency to the products we offer so we can have a consistent appearance to consumers wherever we operate," he said.

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