First RepublicBank Chairman Retiring

Charles H. Pistor Jr., chairman of troubled First RepublicBank Corp.’s flagship bank, said he would take early retirement but was not leaving because of the bank’s financial problems.

The 57-year-old Pistor, chairman of First RepublicBank Dallas, also is president of the American Bankers Assn., the banking industry’s main trade group.

Pistor, who has been with the banking company since 1956, will retire April 15.

Pistor’s announcement comes a week after First RepublicBank, the state’s largest bank holding company with $33.2 billion in assets, announced that it would seek federal assistance because of mounting loan problems and deteriorating customer confidence.

The FDIC gave First Republic a $1-billion capital loan last week to stem a serious outflow of deposits.

Pistor also serves as vice chairman of First RepublicBank Corp.

Bank officials are expected to recommend Gerald W. Fronterhouse, the corporation’s chairman and chief executive, assume Pistor’s positions.

Pistor told bank executives in a lengthy afternoon meeting Thursday that he was not leaving the bank because of its financial trouble.

The company also announced Thursday that Joseph R. Musolino, vice chairman of First RepublicBank, was elected company president. Fronterhouse will continue serving as chairman.