Magazine article American Banker

BanCal Chief May Leave with $10 Million

Magazine article American Banker

BanCal Chief May Leave with $10 Million

Article excerpt

SAN FRANCISCO -- Chauncey E. Schmidt, 52, who announced his resignation from BanCal Tri-State Corp. and its chief subsidiary, the Bank of California, on Wednesday, presumably will be able to leave the organization with a nest egg of about $10 million.

Mr. Schmidt will earn that much when his 4% of BanCal stock is sold to Mitsubishi Bank Ltd. The merger, which he promoted, is awaiting approval from the Federal Reserve Board.

He resigned immediately as chairman, president, and chief executive officer of the bank but will remain in those posts in zte holding company until the takeover by Mitsubishi is completed this spring.

A prepared statement suggested the departure was based on his status as a major stockholder and the inappropriateness of his remaining under new leadership.

Succeeding him in the bank posts is Ross P. Williams, 56, a 17-year veteran of the bank who became its president 14 months ago. …

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