“Culture Matters: How Corporate Culture Helps Drive Financial Performance”
Executive Vice President, Indymac Bancorp, Inc.
Grove Nichols started his career as a credit trainee at the Chase Manhattan Bank in New York City in 1973. After his training, he was assigned to the bank’s Athens, Greece, office where he helped to run the training program there, teaching classes to the mostly MBA-educated Greek trainees. He later returned to New York and became a corporate lending officer before leaving the bank to pursue his MBA degree.
He then joined Peat, Marwick, Mitchell & Co. as a consultant in San Francisco in 1978. During five years at the firm, he built a financial institutions consulting practice focused on strategic planning, profit improvement and mergers and acquisitions. His clients ranged from start-up institutions to major money center banks.
In 1983 Nichols left Peat Marwick to start-up Commerce Savings Bank in Sacramento as its president and CEO. He led the institution from its in organization phase, through its opening and through its conversion to a state chartered bank, Commerce Security Bank. After ten years, he left the bank and invested in Comstock Mortgage, a mortgage brokerage company in Sacramento, becoming its chairman and CEO. He later returned to KPMG Peat Marwick as a Director and became the national practice leader for the firm’s community bank consulting practice.
After providing consulting services to Indymac, Nichols joined the company in 1998 as director of strategic planning and spearheaded the company’s initiative to acquire SGV Bancorp and convert from a REIT charter to a federal savings and loan charter. He became Director of Enterprise Risk Management in 2002 and a member of the Executive Committee. In 2004 he became the Chief Administrative Officer with responsibility for the (1) office of the CEO, (2) executive performance management, (3) human resources and (4) administration of all activities related to the Board of Directors and corporate governance. Nichols is currently director of corporate communications and culture.
Nichols received his BA from Middlebury College in Vermont where he majored in English and played varsity ice hockey and tennis. He received his MBA from Stanford University with a concentration in finance. Nichols has served as president of the Board of Trustees and treasurer of Sacramento Country Day School and as president of the Sacramento Chapter of the Stanford Business School Alumni Association.