IRVINE, Calif. -- Stephen W. Prough, president and chief operating officer of Westcorp, the parent of Western Financial Savings Bank, has resigned after 11 years to become president and chief executive of Downey Savings and Loan Association.

Ernest Rady, a founder of the $2.2 billion-asset thrift and its chairman and chief executive, will assume the duties and titles of president and chief operating officer, the bank reported.

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