Life Financial Corp. said Wednesday that its board has dismissed Daniel L. Perl, the president and chief executive officer.

Officials at $529 million-asset Life Financial did not return calls seeking comment. The prepared statement did not state a reason for Mr. Perl's firing.

Ronald G. Skipper, the chairman of Life Financial's board, said in the statement that "a successor, who holds shareholder value as a primary objective, will be named shortly."

The company's shares rose 18.75 cents Wednesday, to $5, still well off their 52-week high of $15.50. Life's second-quarter results have not been reported. In the first quarter it earned $684,000, off from $3.7 million a year earlier.

Life Financial, a subprime and high-loan-to-value lender, had a deal last year to sell to FirstPlus Financial Group Inc., a Dallas high-LTV lender. But the deal was called off after FirstPlus' shares lost 90% of their value in the ensuing months.

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