A group lowered its stake in Citadel...

A group lowered its stake in Citadel Holding Corp., the Glendale-based parent of Fidelity Savings & Loan Assn., to 1.6% and said it no longer plans to solicit shareholder approval to remove six of Citadel’s directors. The investor group, which includes Los Angeles executive Alfred Roven, also withdrew its application with the Securities and Exchange Commission for permission to acquire as much as 24.9% of the company. In another action, Citadel announced a plan to buy back 200,000 of the company’s shares in addition to more than 100,000 shares that were repurchased in a previous buyback plan.