Valley Federal Savings & Loan said Scott...
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Valley Federal Savings & Loan said Scott A. Braly has resigned as president and chief executive of the ailing thrift to pursue other interests.
Braly, who was attempting to restructure Van Nuys-based Valley Federal, took the action on his own and was not asked to leave by either the board or by federal regulators, said Fred Bailard, Valley Federal’s executive vice president.
Although Braly had made some progress in shoring up Valley Federal, the thrift was still $132 million short of federal minimum capital requirements as of Dec. 31. Last November, the U.S. Office of Thrift Supervision placed Valley Federal in an accelerated program aimed at finding a buyer for the company, but no deal has yet developed.
Braly’s successor was not immediately named. Bailard said Valley Federal’s board is scheduled to meet April 23.
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