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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report November 18, 1998
Commission File Number 1-6906
FIRST SECURITY CORPORATION
(Exact name of registrant as specified in its charter)
State of incorporation Delaware
I.R.S. Employer Identification No. 87-6118148
Address of principal executive offices 79 South Main, P.O. Box 30006
Salt Lake City, Utah
Zip Code 84130-0006
Registrant's telephone number, including area code (801) 246-5706
Item 5. Other Information
On November 12, 1998, First Security Corporation (FSCO) issued a press release
announcing strategic organizational changes that restructure responsibilities
for several senior managers, a copy of which is attached to this report as
Exhibit A.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST SECURITY CORPORATION
(Registrant)
/s/ Brad D. Hardy November 18, 1998
__________________________________________________________ __________________
Brad D. Hardy (Date)
Executive Vice President, Corporate Services,
General Counsel, and
Chief Financial Officer
(Principal Financial and Accounting Officer)
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EXHIBIT A
FOR IMMEDIATE RELEASE Contact: Adrian Gostick
November 12, 1998 (801) 246-5535
FIRST SECURITY ANNOUNCES STRATEGIC ORGANIZATIONAL
CHANGES TO EFFECTIVELY INTEGRATE VAN KASPER
SALT LAKE CITY - First Security Corporation (Nasdaq: FSCO) today announced
strategic organizational changes that restructure responsibilities for several
senior managers. The changes at the First Security Corporation management
committee level are:
* The election of Scott C. Ulbrich as executive vice president of a new line
of business that will operate all of First Security's investment banking,
capital markets, treasury and financial services, including the Van Kasper
division;
* The election of Brad Hardy as First Security Corporation chief financial
officer; and
* The election of David R. Golden as a new management committee member for
the Risk Management line of business.
According to Spencer F. Eccles, First Security chairman and chief executive
officer, the strategic reorganization - that is effective immediately - will
allow First Security to take advantage of growth opportunities and synergies
resulting from the announced acquisition of Van Kasper and Company, a
nationally recognized investment banking and brokerage firm.
"Our goal is to integrate First Security's expertise in investment banking,
brokerage and asset management with new skill sets brought by Van Kasper and
Company," said Mr. Eccles. "By combining all of our investment banking and
brokerage operations into one line of business, we can better meet the capital
and funding requirements, and wealth management needs, of small and medium-
sized businesses, governmental entities, affluent individuals and brokerage
customers throughout the West."
According to Mr. Eccles, once the integration is complete, the Section 20
subsidiary of the corporation will operate as First Security Van Kasper, and
will provide integrated services such as corporate and public finance,
treasury, personal financial services, brokerage and investment management. He
continued that combining the investment and capital-raising functions with
personal financial services and insurance will position First Security to
effectively meet all the financial services needs of its growing customer base.
The line of business will be overseen by Scott Ulbrich, former executive vice
president of finance and capital markets and chief financial officer of the
corporation.
"Scott Ulbrich brings the ideal experience and leadership abilities to take
this new organization forward," said Mr. Eccles. "Scott is well respected
inside First Security and throughout the financial services industry.
"His unique talents will enable First Security to address the challenges of
effectively integrating these new businesses. Many banks have acquired
broker/dealers in recent years, but not all have made the integration
successful. We have learned from others' successes and mistakes, and believe
our skilled employee team and this organizational structure will allow us to be
extremely customer-focused and flexible. We expect this new line of business to
be strategically valuable for First Security and for our customers,
shareholders and employees."
Scott Ulbrich now becomes executive vice president, Capital Markets,
Treasury and Investment Management and chairman and CEO of First Security Van
Kasper. Reporting to him are:
- David Wilson, president, First Security Capital Markets division
- Van Kasper, president, Van Kasper division
(to be effective in early 1999 after VKCO acquisition is finalized)
- Daniel Schull, president, Personal Financial Services
president, First Security Insurance Inc.
- Sterling Jenson, president, First Security Investment Management Inc.
Mr. Eccles added that the second significant organizational change involves
an expansion of Brad Hardy's duties and a restructuring of the Corporate
Services area.
"We are pleased that Brad Hardy has agreed to broaden his responsibilities
and assume the role of chief financial officer," said Mr. Eccles. "As general
counsel and executive vice president of the Corporate Services line of
business, Brad has developed a thorough understanding of our corporation's
operations and financial structure and his background and training position him
to assume this expanded role."
Brad Hardy now becomes executive vice president, corporate services; and
general counsel and chief financial officer, First Security Corporation.
Reporting to him are:
- Les Paskett, senior vice president, First Security Corporation, Controller
- Jay Bachman, senior vice president, First Security Corporation, Corporate
Development
- Kevin Mower, executive vice president, Human Resources
- Durell Dibb, senior vice president, Facilities
- Leslie Nelson, senior vice president, Corporate Communications and
Investor Relations
- Daniel Pigott, senior vice president, Purchasing
Mr. Eccles added that with the new restructuring, David Golden has been
elected to the corporate management committee and will head up an expanded Risk
Management group.
"Dave Golden has succeeded at each leadership opportunity he has been given
over the last several years, including the development of a corporatewide risk
management program," said Mr. Eccles. "Dave has an effective vision for our
corporation's future and we are thrilled to offer him an opportunity to expand
his role as a senior leader of the organization."
David Golden now becomes executive vice president, Risk Management.
Reporting to him are:
- Dennis Reeves, senior vice president, First Security Corporation, Audit
- Loren Graham, senior vice president, Credit Administration & Loan Review
- Vicki Perkins, senior vice president, Corporate Special Loans
- Grant Snow, senior vice president, Corporate Compliance
- Mary Taylor, vice president, Insurance
- David Stone, vice president, Risk Management
- Roger Shumway, vice president, Information Protection
- Jock Jones, vice president, Physical Security & Fraud
Mr. Eccles added that these organizational changes will not result in any
job losses.
"On the contrary, it will take every one of us, working as the First
Security Team, to make the restructured organization even more successful and
to continue First Security's role as a performance leader in the financial
services industry," he said. "This new strategic direction - including the
addition of Van Kasper and the resulting enhancement of our `menu' of financial
services - is an exciting development that will be beneficial for all our
stakeholders."
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