The search is over for Bank of America Corp.’s local leader.
Last week, the Charlotte, N.C.-based bank said Merrill Lynch & Co. veteran Greg Mech would take over the duties of market president for Orange County.
Last fall BofA bought New York-based Merrill Lynch for about $45 billion as the investment manager struggled with bad mortgages.
Mech, a longtime investment adviser based in Newport Beach, will keep his post of running the company’s newly branded Merrill Lynch Global Wealth Management Services for the Southwestern U.S. as well as take on the role of market president.
As market president, Mech will work on coordinating all of the company’s local businesses, which includes retail banking, commercial banking, investments and wealth management.
Outside investments, Mech won’t run BofA’s other businesses here, including banking. He said he will be making sure the different businesses are communicating and passing on leads.
“I’m broadly serving every part of the company as needed,” Mech said.
He also will be responsible for charitable giving to local nonprofits. He actively supports education and financial literacy groups.
“Both Merrill and BofA have been very active in terms of being present in the community,” Mech said.
BofA had about $13.7 billion in local deposits as of last June, making it the second largest holder of deposits in the county just behind San Francisco-based Wells Fargo & Co., which had about $14 billion.
Its local workforce is about 5,000, with about 250 financial advisers between the combined operations of BofA and Merrill.
The company’s employment here stands to be lowered after the company said last week it would reduce the size of its bank branches across the country by 10%.
Mech will report to BofA California President Janet Lamkin, as well as Jodi Rolland, who ran Merrill’s local operation before being promoted.
Rolland now is a managing director for the company in Denver.
Mech takes over from Kim Burdick, who left BofA last spring after six years at the post.
Burdick also ran BofA’s premier banking and investments unit, which catered to the investments of some of its wealthier customers.
The unit since has been reorganized with Merrill’s services.
Mech’s role as Southwest regional managing director for the company’s investment management business covers Southern California, Hawaii, Guam, Arizona and New Mexico.
There are seven regional managers reporting to Mech, including Brett Thelander, who has been running Merrill’s OC business, as well as business in San Diego and Palm Springs, for about a year.
The combining of BofA and Merrill “is coming together quickly,” Mech said.
