BankAmerica Executive Resigns To Head New Company
SAN FRANCISCO (AP) _ BankAmerica Corp.’s head of corporate planning, who engineered the company’s purchases of Charles Schwab & Co. and Seafirst Corp., has resigned to join another company.
Executive Vice President Stephen McLin on Monday became the latest in a string of top executives to announce departures from BankAmerica in the past 18 months.
McLin said he would leave his $300,000-a-year post at the nation’s second- largest banking concern to become president of America First Financial Corp., a new San Francisco-based merchant banking company.
McLin said his departure was unrelated to the sale of Schwab or any other bank assets.
″Becoming president of a company is an excting opportunity for me and one that was too hard to pass up,″ McLin said.
Samuel Armacost’s forced resignation as BankAmerica’s chief executive last October capped departures by Chief Financial Officer John Poelker; F.R. ″Pete″ Talbott, who was the company’s head of retail banking in California; and Max Hopper, who was head of systems engineering.
McLin’s resignation came amid reports that BankAmerica was preparing to sell the Schwab discount brokerage to Charles Schwab, its founder. Schwab and BankAmerica have declined comment on the reports.
BankAmerica chairman A.W. Clausen told The San Francisco Chronicle in an interview given last Friday and published Monday that the company was considering several potential offers besides Schwab’s for the discount brokerage. He said a decision whether to sell probably would be made before April.
Schwab is the nation’s largest discount stock brokerage, which offers fewer services and charges lower commissions than a full-service brokerage.
Charles Schwab sold the firm to BankAmerica for about $53 million of its stock and the brokerage has been one of its most profitable units.
In November, after a merger offer from the Los Angeles-based First Interstate Bancorp surfaced, BankAmerica said it would put the Schwab subsidiary up for sale as part of a restructuring aimed largely at avoiding a takeover.
Last week, BankAmerica’s board of directors rejected First Interstate’s $3.2 billion offer.