Olympus Capital Corp. is the official name of Prudential Financial Services Corp. as the result of action taken during the company's annual stockholders meeting.The name change was announced last July and since that time the company has been doing business under the new name, but stockholder approval was necessary to make the change official, according to A. Blaine Huntsman, chairman of the board and chief executive officer.
Huntsman joined the corporation last July as chief executive officer and became board chairman after the death of former chairman Gene Donovan.
The company's main subsidiary, Prudential Federal Savings and Loan, will continue to operate under that name for awhile while officials examine the benefits of changing the name to match the parent company.
Stockholders re-elected Huntsman, Dr. O. Ernest Grua, an Ogden physician, and Stanley H. Heal, a retired department store executive in Provo, as directors. Elected as a new director was Gregory L. Smith, president of Gregory L. Smith and Sons Inc., a privately owned consulting firm in Kansas City, Kan., and chairman of Brookside Savings Bank of Kansas City.
Huntsman said the corporation's assets have been restructured to "reflect current market conditions and insulate the company from fluctuating interest rates." As a result, the corporation reported a net annual loss of $17.1 million in 1988.
The company also had an unaudited loss of $7 million in the first quarter of 1989 compared to net income of $786,000 in the same period a year ago. The first quarter results reflect an increase in allowances for possible loan, lease and real estate acquired as a result of foreclosure losses of $8.5 million, Huntsman said.
Huntsman said the company will relocate to its former home at 115 S. Main. The Prudential Federal Savings and Loan branch at 127 E. 33rd South will move to 3981 S. Seventh East. The vacated 33rd South space, leased from Zions Securities Corp. since 1955, will revert to the owner.