Henderson-based Toyota bank names first CEO

Wednesday, Aug. 4, 2004 | 11:03 a.m.

Toyota Financial Savings Bank, which will be based in Henderson, has named its first chief executive and has plans to be operating by the end of the month.

The company -- a subsidiary of Toyota Motor Corp. -- named Raymond Specht the new bank's chief executive. He ran a similar Volkswagen subsidiary before being hired by Toyota, said Toyota Financial Services spokeswoman Cheryl Burnett.

The bank will open with a staff of fewer than 10 employees -- including Specht -- at an office at 2285 Corporate Circle, Burnett said. The bank will initially offer financial services packages to a small number of dealers in Nevada and California before expanding nationwide.

Initial dealer products, such as cash management, could be followed by consumer automobile loans, Burnett said, adding that all offerings will be limited to Toyota and Lexus buyers.

archive