CEO of Homestead Savings Stepping Down
SAN FRANCISCO -- Britt Evans will step down as president and chief executive of Homestead Savings at the end of September, the Millbrae, Calif.-based thrift said.
The announcement came several weeks after the troubled thrift completed a debt-for-equity exchange that gave it a fighting chance of survival. The thrift has not yet named a new chief executive.
Mr. Evans, 45, will work in real estate development, a field from which thrifts are barred by the 1989 thrift-bailout law. He headed Homestead's land development unit from 1983 to 1989.
A lawyer by training, Mr. Evans joined Homestead in 1975 as general counsel and became president in May 1989. Three months later, he was named chief executive. He replaced Lawrence Weissberg, who remained chairman as well as chairman and CEO of the holding company, Homestead Financial Corp.
Under Mr. Evans, Homestead Savings had to act drastically to meet capital requirements, shrinking assets from nearly $6 billion to $2.1 billion. Earlier this month, the thrift exchanged most of its outstanding subordinated debentures for preferred stock, resulting in a $79 million gain in regulatory capital.
The swap diluted the holding company's stake in the thrift to 20.8%. Mr. Evans and another director then left the board. Meanwhile, three new directors have taken seats and a fourth is awaiting regulators' approval. Four board members are staying on.
