Security Pacific Gets Arizona Unit Chief

Security Pacific Corp. named Ronald Azzolina as president and chief executive of its Arizona entities, hit hard by losses caused by the state’s softening economy.

Azzolina, 47, had been president and chief operating officer. He succeeds chief executive Robert L. Matthews, who will continue as chairman of Security Pacific’s two Arizona entities, Security Pacific Bancorp. Southwest and Security Pacific Bank Arizona.

Arizona has been plagued by a soft real estate market stemming from overbuilding and a slowing of the state’s once-sizzling growth rate.

Separately, James P. Albo, 41, was named vice chairman and chief operating officer of the two Arizona entities. He also will be in charge of Security Pacific’s 92 branches in the state.