Scott Resigns as Chairman of Citadel Holding
Citadel Holding Corp., the parent of Glendale-based Fidelity Federal Savings & Loan Assn., announced Thursday that Spencer Scott has resigned as chairman, director and chief executive. The company refused to disclose why.
As its new chief, Citadel named Gerald D. Barrone, who also will continue as president of the company, a job he took in 1982. The company said it named James A. Taylor, a director since 1974, as acting chairman.
None of the officials were available for comment.
Scott’s resignation comes two months after Great Western Financial’s planned $109-million acquisition of Citadel hit a snag--and subsequently fell through--when a Wall Street investment firm refused to give unqualified support for the terms of the deal. Great Western has sued Citadel over the collapse of the merger.
Citadel reported earnings of $13.2 million in the first half of 1985, about four times its earnings in the first half of 1984. With assets of $2.9 billion, Fidelity Federal is the state’s 18th-largest S&L.;