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On the fast(way) track.

On The Fast(way) Track

Roderick D. Reed III, former president and chief executive officer of the failed FirstSouth Savings and Loan Association, is the new director of finance and administration for Fastway Rent-To-Own, which has its corporate offices in Little Rock.

The Pine Bluff-based FirstSouth was closed Dec. 4, 1986, by the Federal Home Loan Bank Board because of major losses that led to its insolvency. At the time, FirstSouth was the largest savings and loan ever closed by federal regulators.

Reed and Howard J. Wiechern Jr., former board chairman of FirstSouth, were indicted by a federal grand jury in 1989 and charged with criminal mismanagement of the thrift.

Reed pleaded guilty to conspiracy, was sentenced to 30 months in prison and was fined $10,000.

Released early, Reed turned to a longtime friend, Charles Cloud, for a fresh start. Cloud owns Fastway.

"I had worked with Charles Cloud before," Reed says. "So when I made it through the halfway house, I came here to work for him again."

Reed says he began working at Fastway - a regional rental services store - about three weeks ago.

"It's going fine so far," Reed says. "I'm still getting used to it."
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Title Annotation:Roderick D. Reed III, new director of finance and administration for Fastway Rent-To-Own
Publication:Arkansas Business
Date:Jul 29, 1991
Words:199
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