List American Bank’s President Resigns Post

Fallout from land developer Martin List’s financial problems has led to the resignation of his longtime friend, William Diethrich, as president and chief executive of List American Bank in Newport Beach. Diethrich continues to serve as a part-time consultant and a bank director.

He was replaced as president and chief executive by Richard Cordova, a veteran banker who left California City Bank in Orange after serving only nine months as its president in 1985. Diethrich, credited with reversing List American’s losses last year, fell into disfavor with List in recent months, one insider said. List filed for bankruptcy protection last month.

List, who bought Orange City Bank in late 1985 and renamed it last year, has agreed to sell it to two Texas investors for nearly $4.8 million--or $10.61 a share. The price is the same that List paid to buy his 95% stake in the bank. Regulatory approval is pending.

Diethrich, who could not be reached for comment, said earlier that the bank’s name would soon be changed again, but no bank official was available to discuss it Friday.