Bush to Nominate Calif. Banker for Thrift Agency

President Bush will nominate California banker James Gilleran to be director of the Office of Thrift Supervision, which regulates the U.S. savings and loan industry, the White House said Tuesday.

Gilleran, who was chairman and chief executive of the Bank of San Francisco from 1994 until it was sold in December, will take over from the agency’s current director, Ellen Seidman, who announced her resignation Tuesday.

“I am extremely proud of what OTS has accomplished during the nearly four years during which I was privileged to lead it,” Seidman said. “The thrift industry, in addition to being strong and growing, has reaffirmed its commitment to being community bankers to all Americans.”

Gilleran was California’s state banking superintendent from 1989 to 1994. In 1992, he was nominated by Bush’s father to head the U.S. Office of the Comptroller of the Currency, but was not confirmed by the Senate. As a regulator, Gilleran has been an advocate of expanded powers for banks.

A certified public accountant, Gilleran formerly headed the banking industry group at Peat Marwick in Los Angeles and later served as managing partner in the accounting firm’s San Francisco office.