BANKING/FINANCE

Donald C. Headlund, replaced as president and chief executive of Valley Federal Savings & Loan last fall, has been named president and chief executive officer of Malibu Savings Bank in Costa Mesa.

Headlund, 53, fills the vacancy of William Fleetwood Jr., who resigned to engage in other business ventures. Fleetwood remains a board member, however.

Headlund said he was hired to help Malibu Savings continue its fast growth. At the end of 1987, the S&L; had $165 million in assets, a 25% increase over $132 million in assets a year earlier.

Headlund had spent 28 years with the Van Nuys-based Valley Federal before he was replaced amid a takeover threat from Citadel Holding. Valley Federal, with $3.3 billion in assets, said the change in management was not related to the takeover effort.

Malibu Savings is owned by U.S. Shelter Corp., a Greenville, S.C., real estate and investment services company that operates in 28 states and employs more than 2,000 people.