IRVINE, Calif. -- Stephen W. Prough, president and chief operating officer of Westcorp, the parent of Western Financial Savings Bank, has resigned after 11 years to become president and chief executive of Downey Savings and Loan Association.
Ernest Rady, a founder of the $2.2 billion-asset thrift and its chairman and chief executive, will assume the duties and titles of president and chief operating officer, the bank reported.
Mr. Prough's resignation from his offices and as a director of both Westcorp and the bank were effective immediately.
Western Financial Savings Bank operates 26 retail branches throughout California, 17 mortgage banking offices and 8 automobile finance centers in California, Arizona and Nevada.
Westcorp Financial Services, a wholly owned consumer finance subsidiary, has 42 offices in California, Oregon, Nevada, Arizona and Texas.
Downey Savings and Loan Association, headquartered in Newport Beach, Calif., has $3.5 billion in assets and 52 branch offices located throughout California.
