Thomas J. Wageman Hired as CEO of HomeFed Bank

San Diego-based HomeFed Bank announced Tuesday that it has hired Thomas J. Wageman, a specialist in running troubled thrifts, as its new president and chief executive.

He replaces Robert Adelizzi, who was forced to resign by regulators after the struggling savings and loan reported huge first-quarter and 1990 losses.

Wageman, 57, has spent the past nine years heading up troubled institutions. Since 1986, he has been chief executive of Sunbelt Savings of Dallas, formed from a dozen failed Texas S&Ls.; Before that, he held top posts at First National Bank of Chicago and La Salle National Bank.

HomeFed Chairman Kim Fletcher said Wageman was chosen from 35 candidates during a two-month search. Adelizzi was forced by regulators to resign in May after HomeFed reported a $173.9-million first-quarter loss on top of a $247.5-million loss in 1990.

Wageman said Tuesday that he will be paid a salary of $650,000 and unspecified stock options, the value of which will be tied to HomeFed’s performance. Wageman’s hiring was approved by the Office of Thrift Supervision, Fletcher said.

Wageman joined the 49-branch, $3-billion Sunbelt Savings in 1986 after that thrift’s board hired him to step in and take over management. The S&L; failed in 1988 not long after reporting a $1.3-billion first-quarter loss. Regulators then seized Sunbelt and combined it with seven other failed Texas thrifts, part of a $5.5-billion rescue.

But regulators let Wageman stay on as chief executive of the new entity. In 1990, regulators handed two failed San Antonio thrifts over to Sunbelt and shortly thereafter hired it to manage problem assets of 12 other failed Texas thrifts. The Resolution Trust Corp. took control of Sunbelt Savings two months ago and plans to sell it by year-end.

Some critics have questioned Wageman’s performance at Sunbelt, noting that most other problem Texas thrifts have been sold or disposed of under the controversial Southwest Plan, a 1988 program that granted attractive incentives to buyers. But Richard D. Michaels, one of four Sunbelt executives Wageman is bringing with him to HomeFed, said Tuesday that Sunbelt was never formally part of the Southwest Plan and that it was not offered for sale by the RTC until last month.

Wageman declined Tuesday to discuss specifics of HomeFed’s financial condition, but he said the strong California economy, HomeFed’s “market franchise” and its early recognition of its problem assets make its chances good for survival.

HomeFed’s non-performing assets totaled $1.5 billion as of March 31, a staggering 8.2% of total assets. The S&L; has embarked on a strategy of shrinking itself and expects total assets to be down to $15 billion by December. HomeFed, which has 210 branches, had $16.7 billion in assets as of May 31.

HomeFed shares closed down 12.5 cents each at $2.625 in New York Stock Exchange trading.