Western Federal S&L; Appoints James E. Bethel President, CEO
* Western Federal Savings & Loan named James E. Bethel president and chief executive, replacing Hugh Evans Jr., who remains chairman.
The Marina del Rey-based thrift, owned by an investment group that includes former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin, has been struggling to meet federal capital requirements.
The thrift falls short of one standard tied to the riskiness of its loans and other assets. The thrift is operating under a regulator-approved plan to boost its capital cushion, a spokesman said.
In a statement, Western Federal said Bethel will be responsible for “strategic direction and for the implementation of its long-term business plan.” Bethel formerly was chief executive of First American Savings Bank in Greensboro, N.C.
Owned by Westfed Holdings, Western Federal is the state’s 15th-largest thrift and was acquired by the Simon group in 1988.
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