Life Financial Corp. in Riverside, Calif., said Monday that board member Robert K. Riley will take over as president and chief executive officer.

He succeeds Daniel L. Perl, who was dismissed last Wednesday for unspecified reasons. Mr. Riley, who has been on Life Financial's board since 1997, is to resign as president and CEO of Rainer Capital Corp. of Bellevue, Wash., for the bank post.

Life Financial is the parent of Life Bank, a $529 million-asset subprime and high-loan-to-value lender. In the first quarter it earned $684,000, down from $3.7 million a year earlier. Second-quarter results have not been reported.

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