Weeks Leaves Irvine City S&L; Assn.
Douglas J. Weeks said Thursday he has resigned as president and chief executive officer of the 2-year-old Irvine City Savings & Loan Assn. and its parent, Irvine City Financial.
“I had an opportunity I couldn’t refuse,” said Weeks, 41, of Orange. “I think I’ve done my job here.”
Weeks, who leaves today, will become a part owner in Mid-America Financial Services Inc., a mortgage banking company in Orange.
He is being replaced by James P. Giraldin, 33, of Irvine, the S&L;'s executive vice president and chief financial officer. Weeks, who told directors two months ago he was resigning, stayed on to help with the transition.
“He is still the architect of the company,” Giraldin said, “and there will be no change in the business plan.”
Weeks, a mortgage banker by trade, had set the S&L; on a mortgage-banking course. In its fiscal year ended June 30, the company earned $542,518 as it funded $96 million worth of loans and sold $89 million of the loans in the secondary market.
Both Weeks and Giraldin said that in the current economy a financial institution would be hard pressed not to make money, especially in mortgage banking.
Giraldin will continue to act as the S&L;'s chief financial officer. Robert B. Spencer, 38, of El Toro, was promoted to executive vice president and will continue his duties as chief lending officer. The money saved on Weeks’ salary and benefits, Giraldin said, probably will go toward hiring lower-level personnel.