ORANGE COUNTY

Peggy Lipsey has resigned as president and chief executive officer of First American Bank & Trust Co. in Laguna Beach.

Lipsey, who was hired for the job in September, 1983, said only that she is leaving for personal reasons and remains on friendly terms with the bank’s directors. She said she is looking into other job prospects outside of traditional banking.

She will remain on the job until May 15 to help the bank make a “smooth transition,” she said. With William Demmin, a senior vice president, she is interviewing possible replacements and expects to present a list of candidates to the board at its meeting Monday.

The 5-year-old bank had been losing money, though less of it each year during Lipsey’s tenure.

The bank ended last year with a loss of $419,000, but Lipsey said the bank will post a profit for the first quarter this year “and the trend for the year looks good.”