New Chairman at Security Pacific Corp.

Robert H. Smith has been elected chairman of the board of Security Pacific Corp., succeeding Richard J. Flamson III as head of the nation’s fifth-largest bank holding company, it was announced Tuesday.

Smith, 55, stays on as chief executive of the corporation and chairman of Security Pacific National Bank.

Flamson, 62, becomes chairman of the board’s executive committee, replacing George F. Moody, 60, who is retiring.

Nicholas B. Binkley, 45, and Jerry A. Grundhofer, 46, become vice chairmen of the board of the corporation, in addition to their roles as chairman and chief executive of Security Pacific Financial Services System Inc. and president and chief executive of Security Pacific National Bank, respectively.

Binkley also becomes a director of the corporation, joining Flamson, Smith and Grundhofer as inside directors.

The office of the chief executive, the senior policy and planning group for the corporation, will consist of Smith as chairman, Grundhofer and Binkley.

“We will be continuing our basic strategies of focusing our resources on our very strong banking franchises throughout the western United States,” Smith said, “our finance company activities and our banking activities in Asia.”

The election of Liam E. McGee, 36, and Daniel B. Platt, 44, to positions as vice chairmen of Security Pacific National Bank was also announced. McGee, who oversees the retail banking activities, and Platt, who recently joined the bank as administrator of real estate banking activities, report to Grundhofer.