DOWNEY, Calif. -- An insurgent slate of directors ousted SC Bancorp's chairman, Frank N. Tomlinson, and five other board members at the banking company's annual meeting this week.
Among the nine new directors elected at the Downey, Calif., company, which has $461 million in assets, was H. A. Beisswenger, who retired as SC Bancorp's chief executive in 1990. Mr. Beisswenger, 66, is now expected to be named chairman.
Larry D. Hartwig, SC Bancorp's current chief executive, was neutral in the proxy contest and ran on both director slates. Besides Mr. Beisswenger and Mr. Hartwig, the insurgent nominees included four others who were former or present members of the company's board.
The insurgents criticized the incumbents for the company's sharp drop in earnings and stock price over the past year. The share price of SC Bancorp, the parent of Southern California Bank, was unchanged Thursday afternoon at $6.75. It had been as high as $12.50 in 1990, the insurgents said.