Anne Bacon takes the helm of Redfed Bancorp at a crucial time for both the company and the Southern California multifamily market.

Ms. Bacon, who replaced the retiring Robert G. Wiens as chief executive of the $960 million-asset Redlands, Calif., thrift last week, will decide in the next three months what to do with Redfed's bulky portfolio of nonperforming multifamily loans and foreclosed real estate.

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