First Federal Bank of California, Santa Monica, has hired Daniel Eliot as executive vice president of commercial and business banking, a newly created position.

He is responsible for development of loan and deposit relationships with small and midsize businesses in greater Los Angeles, as well as commercial real estate lending.

Mr. Eliot was senior vice president of entertainment and corporate finance for California United Bank, Encino. Before that he was a vice president of commercial loans for Security Pacific Bank and held a similar post with Wells Fargo Bank.

First Federal of California is the lead thrift subsidiary of $4 billion- asset Firstfed Financial Corp.

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