WESTERN FINANCIAL Corp., Overland Park, Kan., said that M.D. "Arkie" Vaughn, president of the corporation and executive vice president of its principal subsidiary, Columbia Savings Association, intends to retire Jan. 1.

He agreed to remain until then with Western Financial and Columbia Savings in a consulting role.

Mr. Vaughn, who will be 65 when re retires, also announced that he intends to resign from the Western and Columbia boards of directors.

He has worked in businesses in Pratt, Overland Park, Lawrence, and Emporia for 32 years and was president of Lawrence Federal Savings at the time of its merger with Columbia Savings.

Joe C. Morris, chairman of Western Financial, also announced that in anticipation of Mr. Vaughn's retirement, Joseph R. Lake, president of Columbia Savings, will have responsibility for all daily operating functions of the thrift and will assume the title of chief executive officer.

Mr. Lake will also become president of Western Financial Corp. He was president of Western Savings of Pratt, Kan., until its merger into Columbia Savings in 1981.

In addition, Mr. Morris announced that Junius M. Penny has been named to the Western Financial Corp. board of directors. He remains a member of the Columbia Savings board.

The changes are subject to the approval of the Office of Thrift Supervision.

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