U.S. League Retaining Shackelford
Chairman Nominated for Unprecedented 2d Term
WASHINGTON -- The U.S. League of Savings Institutions has tapped Donald B. Shackelford for an unprecedented second term as chairman to help guide the group through tough times.
Frederick L. Webber, the league's president, noted Friday that the trade group is going through a lot of changes, including merger discussions with the National Council of Savings Institutions. "So much else is changing, everyone thought this would be a good year to have continuity," he said.
The Ranks Are Thinning
The government is closing S&Ls at a rate of 300 to 400 a year, severely shrinking the number of dues-paying members and its pool of volunteer officers. Membership is also declining at the National Council, a smaller group primarily representing savings banks in the Northeast.
Mr. Shackelford, who runs a profitable Ohio thrift, had planned to hand over the mantle at yearend to Robert B. O'Brien Jr. But Mr. O'Brien resigned as the league's vice chairman in May after stepping down as chairman of troubled Carteret Savings Bank, a unit of AmBase Corp. in Morristown, N.J.
Mr. Webber said candidates for the demanding chairman's slot are harder to find in a bad economic climate because thrift executives are busy running their institutions. "Everyone was hopeful that Don would serve again," he said.
Mr. Shackelford, who was notified about the nomination in mid-August, is chairman and chief executive of State Savings Bank, a Columbus, Ohio, institution with $1.6 billion in assets. The trade group's some 2,000 members will vote on Mr. Shackelford, who was selected by the nominating committee, at their annual convention in Washington in October.
McMahan Arrives on the Scene
The nominating committee also selected Robert C. McMahan for the post of vice chairman, putting him in line to succeed Mr. Shackelford in 1993.
Mr. McMahan is chairman and chief executive of Decatur Federal Savings and Loan Association, a $2.6 billion-asset institution just outside Atlanta. His S&L lost $9 million in 1990 after writing off $14 million in goodwill. It posted a $3.5 million profit in the first six months of this year.
Mr. Webber said several executives were in the running for the vice chairman's job.
"I'm the fresh face, the new kid on the block," said Mr. McMahan, who has been involved in U.S. League activities, but has neither served on the board nor the executive committee.
PHOTO : Donald B. Shackelford Runs profitable Ohio thrift