Advertisement

Former B of A President Joins Goldome Bank

Goldome, one of the nation’s largest thrifts, has named a new president and said its chief executive, Ross B. Kenzie, would soon retire.

The moves come after the bank reported a $119-million loss in 1988 and only a month after it named a new chairman, Jeremy Jacobs, who is the company’s largest shareholder.

Kenzie, 58, will retire June 30, the bank said. His apparent successor is Thomas A. Cooper, the former head of Bank of America. Cooper was named Goldome’s president and chief operating officer, effective April 1, replacing Paul E. Ruch, who was elected vice chairman.

A replacement was not immediately named for Kenzie’s post of chief executive officer. But analysts said Cooper would likely be named CEO later.

Advertisement

Cooper, 52, is a former president and chief operating officer of the Bank of America. While at Bank of America, Cooper headed a massive restructuring project that cut more than 10,000 jobs. Since 1987, he has been chairman and chief executive officer of INVEST, a brokerage and investment firm.

“It looks as if things are going to tighten up at Goldome,” said Henry Peltz of Keefe, Bruyette and Woods in New York. He said Cooper was brought in to bring Goldome’s expenses under control. “It will be a painful job, but presumably that’s what he’s good at.”

Kenzie presided over the bank’s rapid growth from a regional savings bank into a national financial services company engaged in non-traditional businesses such as the financing of leveraged buyouts and commercial lending.

Under his leadership the Buffalo Savings Bank’s assets increased to $15 billion from $3 billion, it changed its name to Goldome, built a headquarters building in Buffalo, bought troubled savings banks in New York and Florida and became a publicly held company.

Advertisement


Advertisement