Bowdoin to Quit as CEO of Family S

Robert E. Bowdoin, president and chief executive of Family Savings & Loan, the nation’s second-largest black-owned thrift, is resigning June 1.

Named to replace Bowdoin is Wayne Kent Bradshaw, president and chief executive of Founders Savings & Loan, a rival black-owned thrift in Los Angeles.

Bowdoin joined Family Savings in 1973. He became its president and chief executive last year, succeeding Oliver A. Trigg Jr., who was forced to resign amid a federal investigation into fraud at the thrift.

Bowdoin leaves Family Savings as the tiny institution tries to diversify to compete with larger thrifts. For example, Family Savings expects to open soon its first automated teller machine, already a fixture at most other savings and loans and banks.

Bowdoin, 60, said he is resigning because Family Savings is spreading its business beyond home mortgages into consumer lending, such as automobile loans. “They need someone here who knows banking,” Bowdoin said. “I don’t consider myself a banker.”

Family Savings has been through a difficult time. Partly due to losses on some large real estate loans made under Trigg, the thrift, based in the Crenshaw district, lost $2.5 million last year. Its financial picture improved during the first quarter when it earned $132,000. But the thrift is being monitored by the Federal Home Loan Bank Board because its capital base, or the amount of money it has available to cover losses and bad loans, is too low.

Family Savings Chairman William S. Shearer said the board decided it was time for a change in leadership. “No one put a gun to Bob’s head,” said William S. Shearer, Family Savings’ chairman. “Our performance is sluggish, and he understands that. We need someone who can make it happen.”

He said Bowdoin will remain as a consultant to Family Savings until the end of the year.

Bradshaw, 42, has experience in banking. Before joining Founders 15 months ago, he was vice president of asset-based lending at Union Bank.

Bradshaw is credited with cutting losses at Founders, a deeply troubled institution which is involved in the FLHBB’s consignment program. Bradshaw said that Founders lost $4 million last year, compared to $11 million in 1987.

Bradshaw said he viewed his move to Family Savings as “an opportunity to create a strong, viable institution in the black community.” He said that he might pursue a number of strategies to increase the size and competitiveness of Family Savings, including a possible merger with Founders.