Westar Financial Hires Pete Kanatzar From NationsBank to be Vice President of Risk Management
7 August 1997
Westar Financial Hires Pete Kanatzar From NationsBank to be Vice President of Risk Management
OLYMPIA, Wash., Aug. 7 -- Westar Financial Services
Incorporated (OTC: WEST), a finance company focused solely on the prime-credit
sector of the automobile leasing market, announced that Robert E. (Pete)
Kanatzar, Jr., former Senior Vice President of Credit Policy and Risk
Management for NationsCredit Corporation, has joined Westar as Vice President
-- Risk Management, effective August 19. NationsCredit is part of the
Financial Services Group of NationsBank Corporation , the fourth
largest bank in the US. NationsCredit is the largest bank-owned finance
company in the US, with $10.0 billion in consumer operations. Serving more
than 400,000 customers through 261 branch offices in 25 states, its
centralized Home Equity unit purchases first and second mortgages from a
network of licensed brokers. NationsCredit also operates SunStar Acceptance
Corporation, one of the nation's largest sub-prime automobile finance
companies.
"Pete Kanatzar is regarded as the single most knowledgeable consumer and
auto finance credit person in the US. With him, Westar's management moves to
the very top tier in its industry," said Robert W. Christensen, Jr., President
& CEO. "Pete rounds out the team we need to become a serious player in auto
lease financing, nationally.
"We are exploring both the Southwest and Midwest as attractive areas for
Westar's next step toward national prominence, building on our success in the
Pacific Northwest market," Christensen said. "We expect Pete to help us
generate a substantial quantity of the high-quality volume we're seeking in
this next step in our national expansion."
"Westar is widely regarded as one of the most innovative and focused
specialized financial services companies in the US," Kanatzar noted.
"Westar's success in capturing a 42% share of the Pacific Northwest auto
dealer market in little more than a year, its emphasis on prime quality
credits, and its plan for geographic expansion are all extremely
attractive. I am very excited about joining this dynamic organization."
"Pete's experience in supervising all consumer credit and risk management
activities for NationsCredit's various consumer businesses dovetails precisely
with Westar's expansion needs. Westar will maintain its focus solely
on prime credit leases," Christensen added.
Kanatzar's responsibilities at NationsCredit included: development and
administration of credit and collection policies and procedures, ensuring
acceptable portfolio quality and performance, portfolio acquisitions,
development and oversight of all credit decision systems and related
strategies (applicant and behavior scoring, predictive models, adaptive
control systems and associated technology), risk based pricing, and regulatory
compliance.
Prior to joining NationsCredit, Kanatzar (45) was Vice President
-- Manager of Risk Management at Banc One Credit Company in Columbus, Ohio,
where he supervised all risk management activities within the company's
Eastern Region, consisting of $10.2 billion of indirect sourced loans and
leases, including automobile and broker originated equity. Before that,
Kanatzar was Vice President -- Consumer Banking Department of Texas Commerce
Bank, NA, in Houston, and Vice President -- Finance (Automobile Finance
Division) of Citicorp Acceptance Company, Inc., in St. Louis.
"We first met Pete at Banc One about two years ago, and came to regard him
and his abilities very highly. Pete implemented a dual matrix scoring
strategy that sharply increased the credit approval rate and dramatically
increased volume, while simultaneously reducing credit losses and
delinquencies," Christensen added. "Another of Banc One's subsidiaries
provides Westar's pre-securitization warehouse financing facility and has been
a prime contributor to our success."
"Pete's breadth of risk management and credit decision experience will
serve Westar exceptionally well," Christensen noted. He has developed and
implemented new types of credit application scorecards for loan and lease
products and has worked closely with Fair, Isaac & Company to
develop specialized credit scorecards. Fair, Isaac systems are an integral
component of Westar's innovative LASIR (Lease Accounting and Securitization
Income Reporting) technology that provides fast, accurate review and
evaluation of credit applications.
Kanatzar received both his BS in Business Administration and his MBA from
the University of Kansas at Lawrence, Kansas. He is married and has three
children.
Westar Financial Services Incorporated is a fast-growing, Washington-based
automobile finance company focused solely on the prime-credit segment of the
$100-billion auto-lease finance market. Full-scale activities through
its innovative Dealer-Direct Retail Leasing(TM) (DDRL) program began in
October 1995 to selected, high-quality automobile dealers in the Pacific
Northwest. Westar's shares are traded over-the-counter by Pacific Crest
Securities, Portland, OR; Hoefer & Arnett, San Francisco; and Monroe
Securities, Rochester, NY.
Statement regarding "Forward Looking Statements": Statements concerning
future performance, developments or events, or any other guidance on future
periods, constitute forward-looking statements that are subject to a number of
risks and uncertainties, including the ability to locate, staff, and penetrate
successful new markets, which might cause actual results to differ from
expectations.
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NOTE: Westar Financial Services Inc. is a client of Len Cereghino & Co.
Corporate Investor Relations.
SOURCE Westar Financial Services Incorporated