Great American Chief Quits Post to Run Downey Savings

Robert L. Kemper resigned Friday as chairman and chief executive of Great American Bank, the once-mighty San Diego based savings and loan that was seized by the Office of Thrift Supervision on Aug. 9.

Kemper is leaving to become the chief executive of Downey Savings & Loan of Newport Beach.

The resignation came as no surprise since Kemper’s job is likely to disappear by early next year, when regulators expect to liquidate Great American’s remaining assets.

Kemper was hired with regulators’ blessings in July, 1990, to try to save the ailing thrift, but its problems proved insurmountable.

J. Michael Berry, who was named managing agent of Great American by the OTS when it was seized last month, said in a statement that Kemper declined an offer “to remain with the institution through resolution” to “pursue another business opportunity,” a reference to the Downey job.

At Downey Savings, Kemper replaces Gerald H. McQuarrie, 70, a Downey co-founder who retired in July. The other Downey co-founder, Maurice L. McAlister, said Friday that he plans to retire early next year as president of Downey Savings.

Also resigning Friday was Great American’s executive vice president and chief financial officer, F. Anthony Kurtz, who joined Great American in October, 1990.