Derick Otis Steinmann

Derick Otis Steinmann, who was chairman of The Bond Buyer and the American Banker beginning in 1976 and facilitated the papers' sale to the Thomson Corp. in 1983, died of lung cancer Jan. 5 at his home in St. Croix, U.S. Virgin Islands. He was 58.

Mr. Steinmann, a son of one of the heirs to the Otis family, which owned the papers, became a director of The Bond Buyer in April 1976 and was named chairman of the organization in August 1976. That position had been vacant since the death of his uncle, C. Barron Otis, in 1974.

Prior to joining the newspapers, Mr. Steinmann worked as a research associate with the Metropolitan Life Insurance Co.

He served as chairman of the board of directors at the Juan F. Luis Hospital in St. Croix and helped the hospital gain national accreditation.

Mr. Steinmann graduated from Bowdoin College in 1964, received a master's degree in experimental psychology from Purdue University in 1967, and a doctorate in industrial psychology from Bowling Green State University in 1972.

He is survived by his wife, two sons, three grandchildren, six sisters, and two brothers.