Deak-Perera Washington Inc., southeast regional headquarters for the nation's leading dealer of foreign currencies and precious metals, has reorganized into three separate corporations -- Deak-Perera Washington Inc., Deak-Perera Southeast Inc. and The Bullion Collection Inc. Although the change became effective last spring, corporate executives waited until recently to announce it.
According to Michael Checkan, southeast regional manager and senior vice president, the split was mandated by Deak's "tremendous growth in Washington, particularly in the precious-metals department." In the past decade, Deak-Perera Washington Inc. has grown from a "tiny office of three" to three offices and more than 100 employes, he said. The New York-based corporation, Deak-Perera Inc., operates about 80 offices worldwide.
Deak-Perera Washington Inc. will administer the precious metals certificate program for the entire corporation. It will operate as a clearinghouse for contracts involving gold, silver, palladium and platinum. Glen O. Kirsch has been named vice president of the newly formed corporation. He came to Deak in 1974 as a precious metals trader.
Deak-Perera Southeast Inc. will "basically be doing what we originally intended in Washington," Checkan said. Headed by newly appointed vice president Michael B. Clark, the office will continue to serve customers who actually buy the precious metals and will deal in about 120 national currencies on both the retail and wholesale levels. The precious metals operation at Deak-Perera Southeast generates the largest retail dollar volume of any stateside Deak office.
The Bullion Collection Inc. is currently dormant, according to Checkan, but will be "activated in the near future." It will act as a national buyer and seller of "high-quality, precious metals jewelry, but no stones. We're staying with what we know best."
In another development, new Deak-Perera Inc. corporate offices are almost completed in the new high-rise at 1120 Vermont Ave. NW. The central business-district location will consolidate operations previously conducted at their 19th and 20th street offices. The flagship office at 1800 K St. NW will remain as the primary Deak-Perera regional location.