Valley Federal Names Officers

In the wake of its top executive’s death, Valley Federal Savings & Loan Assn. named longtime director Joseph R. Biafora as its new chairman.

Donald C. Headlund, the company’s president and for two months its acting chief executive, was formally given the added CEO title.

The announcement by the Van Nuys-based financial institution follows the death from cancer Thursday of Robert E. Gibson, 58, who had been chairman and CEO. Gibson spent 30 years with Valley Federal.

Biafora, 66, is a partner with the law firm of Biafora, Weiner, Lampert & Sclosser in Reseda. He was formerly Valley Federal’s vice chairman. Headlund, 53, was named president in 1985 and has been with Valley Federal for 27 years. He has been a director for two years.

A spokesman said no major changes of course are planned.

Valley Federal is the largest financial institution in the San Fernando Valley, and ranks 22nd among California savings and loans. Last year it posted record earnings of $17 million, or $5.51 per share, on assets of $2.7 billion.