Rainier Bancorp Chairman Robert Truex Resigns
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G. Robert Truex Jr., chairman of Seattle-based Rainier Bancorp, has decided to step down from his leadership of the Washington’s second-largest bank holding company.
Truex, who will be replaced by Rainier President John Mangels, is leaving at a time when Rainier becomes a subsididary of Los Angeles-based Security Pacific Corp.
The 63-year-old Truex said he decided to leave after 14 years as the bank’s chairman and CEO because “it’s just time.” He also cited health reasons.
“I have emphysema and I guess the whole world knows it by now,” Truex said.
He is expected to become a director of Security Pacific, as well as a continuing member of Rainier’s board of directors.
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