BANKING : Downey Continues Restructuring Plan, Hires New Executive

Downey Savings & Loan is one financial institution that is taking advantage of the glut of out-of-work bankers, mainly from the fallout from the merger of BankAmerica and Security Pacific Corp.

The Newport Beach-based thrift hired Thomas E. Prince, Security Pacific’s controller, as its executive vice president and chief financial officer. Prince, 45, replaced David T. Hansen, who resigned in April for personal reasons after a year in the post.

Prince, who started his new job Monday, has held a number of positions since joining Security Pacific and its primary subsidiary, Security Pacific National Bank, upon his 1968 graduation from USC. He has been controller at the bank and has handled treasury, financial and regulatory reporting, and budgeting and strategic planning.

Prince is the fourth top executive brought in by Downey’s new leaders, Chief Executive Robert L. Kemper and President F. Anthony Kurtz.

Kemper and Kurtz took over the reins from Downey’s founders last September and have completed a management restructuring begun last summer. In the process, they have replaced half of the eight top executives who report to them and have promoted three others.