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Mortgage Executive DailyRecent executive activity

February 4, 2009

By staff

Top executive changes at U.S. financial institutions used to be a rare event. But battered financial markets and a stinging economy have created a nonstop stream of resignations, retirements and replacements.Mike Corbat will serve as interim Chief Executive Officer of Citi Holdings, an investor presentation said. Corbat will oversee brokerage and asset management at the unit, while Steve Freiberg will be responsible for local consumer finances — including CitiFinancial. A special asset pool division will be headed by Richard Stuckey.

Citi Holdings is one of two Citigroup Inc. divisions created in a recent restructuring. It could potentially be spunoff as an independent company.

Jan Hommen will replace Michel Tilmant as permanent CEO of ING Group, a press release last week said. Eric Boyer is currently acting CEO of ING. Amsterdam-based ING cited “extraordinary developments over the past few months” and Tilmant’s “personal condition” for his resignation.

Cathleen H. Nash, 46, was named president and CEO of Citizens Republic Bancorp Inc. Nash has spent several years as a senior executive with the institution and previously oversaw the sales strategy for 1,700 branches at SunTrust Corp.

Nash replaces William R. Hartman, 60, who is retiring as CEO but staying on as chairman until the Flint, Mich.-based bank’s next annual meeting. A new chairman will be elected after the meeting.

Frederick Willetts III is relinquishing day-to-day responsibility of Cooperative Bankshares Inc. and has retired as president and CEO, a statement yesterday said. Willetts, the company’s largest shareholder, will stay on as chairman. Chief Financial Officer Todd Sammons has been appointed interim president and CEO.

The announcement came as the Wilmington, N.C., bank announced the delay of its fourth-quarter 2008 earnings report. Cooperative said the delay is the result of an ongoing loan portfolio evaluation.

Billy G. Roughton was elected chairman of Gateway Bank & Trust, parent Hampton Roads Bankshares Inc. announced last week. He succeeds founding Chairman D. Ben Berry.

In a separate January announcement, Hampton Roads said Neal A. Petrovich as agreed to join the company on Feb. 17 as CFO. Petrovich previously served as CFO for American National Bankshares Inc. and Bank of Tidewater.

A third Hampton Roads announcement last month indicated it had named Mark D. Bedard treasurer.

Northwest Bancorporation Inc. promoted Holly A. Austin to CFO, a recent news release said. Austin is an 11-year employee who is a certified public accountant and familiar to the board of directors.

Wayne-Kent A. Bradshaw was hired as president and chief operating officer of Broadway Financial Corp., an announcement Tuesday said. Bradshaw most recently worked at Washington Mutual, previously spent 13 years as CEO of Los Angeles-based Family Savings Bank and has 38 years’ experience in banking and financial management.Former JPMorgan Chase servicing executive James A. Miller was named managing director of operations for First American Information and Outsourcing Solutions Segment’s outsourcing and technology solutions business line, a press release Monday said. Miller will oversee seven businesses.

Miller’s background includes prime, nonprime and home-equity servicing. His 25-year career includes senior default management positions at Citigroup Inc., Conseco Financial Servicing and Option One Mortgage Corp.

Joe Robson has been elected chairman of the National Association of Home Builders, the trade group said in a statement last month. In addition, Bob Jones was elected vice chairman.

photo of Kent Bradshaw
Broadway Financial photo of Wayne-Kent A. Bradshaw
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