ORANGE COUNTY

New City Bancorp has named David Paynter as chairman, replacing Herbert Leo who will remain a director of the Orange-based bank holding company.

The company also named Peter Porter as chief executive of the Bancorp and president and chief executive of its New City Bank unit, replacing Wallace Linn who will remain as president of the parent Bancorp.

Paynter, a New City Bancorp director, is a business management consultant.

“The board felt it needed some new direction,” a company official said.

Leo had been chairman since the bank’s founding 2 1/2 years ago. The company intends to revolve the chairmanship among the ten directors every two years, the spokesman said.

Porter had been executive vice president of the bank, which has made about a fourth of its loans to groups seeking funds to build churches--a clientele most banks shy away from because of fears that the groups will not be able to keep up their loan payments.

The bank claims that most of its church loans are problem-free. Other, more conventional types of loans, however, have been troublesome, and the bank posted a net loss of $213,000 for the first half of 1986.

Porter said he will be responsible for the day-to-day operations of the bank and that Linn will concentrate on developing new business for the company. In addition to the bank, New City also owns New City Leasing, a car leasing operation in Anaheim.