Rainier Bancorp Chief Resigns

G. Robert Truex Jr., chairman of Seattle-based Rainier Bancorp, has decided to step down from his leadership of the Washington’s second-largest bank holding company.

Truex, who will be replaced by Rainier President John Mangels, is leaving at a time when Rainier becomes a subsididary of Los Angeles-based Security Pacific Corp.

The 63-year-old Truex said he decided to leave after 14 years as the bank’s chairman and CEO because “it’s just time.” He also cited health reasons.

“I have emphysema and I guess the whole world knows it by now,” Truex said.

He is expected to become a director of Security Pacific, as well as a continuing member of Rainier’s board of directors.