. . . Chairman and president of International Bank of Washington.
Last year was one of consolidation for International Bank of Washington. During 1979 the financial services and merchant banking firm successfully bought out minority interests in three of its subsidiaries, International General Industries Inc., Globe Industries Inc. and Financial Security Group Inc.
And for George Olmsted, 1979 was a year in which he once again assumed the title of president after the surprise resignation of Josef S. Tressler from that position at the end of 1978. Tressler had been considered a likely successor to Olmsted, who built IB but is 78 years old.
Analysts familiar with International Bank say that Olmsted's resignation may not be far off, even though the retired general doesn't talk of stepping down. Some look to his 41-year-old son Jerald to step in as the new chief. The younger Olmsted is a director and senior vice president of IB and a vice president of International General.
IB is not a commercial bank and does not accept deposits from the public. Through its subsidiaries and affiliates, it is involved in such activities as property and casualty insurance, leasing, manufacturing and venture capital. For the first six months of 1979, IB reported record sales and profits. The company earned $8 million on sales of $12 million.