Magazine article American Banker

Crocker Lures Key Credit Man Away from BofA: Frank Somers Will Help Work out Bank's Problem Domestic Loans

Magazine article American Banker

Crocker Lures Key Credit Man Away from BofA: Frank Somers Will Help Work out Bank's Problem Domestic Loans

Article excerpt

NEW YORK -- For the second time this year, Crocker National Bank has taken a step toward working itself out from under a mountain of problem loans by hiring away a top credit officer from a rival California bank.

In the latest move, Frank A. Somers, a senior vice present at the Bank of America, will be joining Crocker on Oct. 15. Mr. Somers was the chief credit administrator, overseeing problem loan workouts, for BofA's sprawling North American division. That division handles corporate customers in the United States, Canada, and Mexico.

"We wanted to get the best person we could possibly get. We couldn't afford not to," said Richard H. Daniel, executive vice president in charge of Crocker's special assets division, which administers, among other things, its problem loans.

Mr. Daniel was recruited to the San Francisco-based Crocker only this past April from Security Pacific National Bank, where he ran the asset workout division.

Mr. Somers, who will have responsibilities for the U.S. banking unit of Crocker's workout group, could not be reached for coment.

Crocker's loan problems have severely depressed earnings and helped produce a $324 million loss in 1984. The bank, 100% of which is now owned by Midland Bank PLC of London, recorded net income of $18 million for the first half of this year. At midyear, nonperforming loans tood at $1.1 billion out of a total loan portfolio of about $15.5 billion.

"The economy in many areas is going to have to improve before the problems go away," said Mr. …

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