Kasle Resigns as CEO of Western Financial Bank
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IRVINE — The holding company for Western Financial Bank said Monday that Donald H. Kasle, the bank’s president and chief executive officer, has resigned.
Westcorp announced the news at the close of business. Officials could not be reached for comment.
The company did not say why Kasle quit as chief executive of the bank, which has offices in eight states and oversees a mortgage loan portfolio valued at $6.4 billion.
Kasle, who joined the company in 1996, will be replaced by Ernest Rady, chairman of the bank and chairman, president and chief executive of Westcorp.
It is the second time Rady has taken on the top banking duties. In 1994 he stepped in to replace departing bank president Stephen Prough, who left to become chief executive of rival Downey Savings.
Rady was one of Westcorp’s founders. In its terse statement disclosing Kasle’s departure, the company said that no significant change in business activities is anticipated.
Kasle’s departure was announced after the stock markets closed Monday. The company’s shares rose 25 cents to close at $19.38 a share on the New York Stock Exchange.
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