Beverly Hills S&L; Chairman Ousted; Director Resigns : Feud With Thrift Regulators Over Sale of Problem Assets Reportedly Behind Shake-Up

Federal thrift regulators have ousted Thomas F. Carter as chairman of Beverly Hills Savings, prompting fellow board member Tom C. Stickel to resign in protest, The Times has learned.

Carter was reportedly forced out in part because he quarreled with regulators over how to sell the company’s problem assets. He had been chairman of the financial institution for more than two years and had been on the board longer than any of the other four directors.

“This makes no sense at all,” Stickel fumed in a telephone interview.

For years, Beverly Hills Savings has ranked as one of the most seriously troubled thrifts in the nation, but the financial institution has remained in business as a de facto ward of the U.S. government. Now based in Mission Viejo, it has six retail offices in tony areas of Los Angeles, Orange and San Diego counties and offers depositors among the highest savings rates in the state.

Reason for Resignation

Stickel, a financial services executive in San Diego, submitted his resignation last Friday in a bluntly worded letter to James M. Cirona, president of the Federal Home Loan Bank of San Francisco. Cirona, chief federal regulator of the California thrift industry, was not available for comment.

Carter later confirmed in a telephone interview that he had been forced from the board, explaining that Cirona felt that Carter’s new job as chief lending officer for Great American First Savings Bank in San Diego posed a conflict with his Beverly Hills responsibilities.

A brief statement issued late Tuesday by the Federal Home Loan Bank of San Francisco stated that Carter left because “overlapping market areas” between Beverly Hills Savings and Great American First Savings “might lead to a conflict of interest” for Carter. The statement also said Carter had been an “excellent director.”

But, according to Stickel, Cirona was angry because Beverly Hills’ board refused to allow the Federal Asset Disposition Assn., a quasi-government agency, to sell the firm’s foreclosed properties. The board felt that Beverly Hills’ own liquidation team could do the job more efficiently, Stickel said.

Stickel resigned because Cirona ignored an appeal from the board and refused to allow Carter to remain at the financial institution beyond the end of last month.

Perspective Called Critical

That appeal came in a letter to Cirona from Raymond R. Frazer, vice chairman of Beverly Hills Savings, who indicated that the company needed Carter as chairman to maintain stability and continuity.

“Our confidence in his leadership, respect for his experience and knowledge and our appreciation for his historical perspective at this critical time prompts this request to you,” Frazer said.

After Cirona denied the request, Stickel quit, saying in his resignation letter to Cirona: “I believe your decision. . . will quickly reflect poorly upon your office.”

Beverly Hills Savings has operated under special regulatory supervision since April 23, 1985, when regulators placed the company into receivership after heavy loan losses wiped out its net worth.

Since then, the financial institution has been the target of congressional, civil and -criminal probes, but a lack of money has prevented the Federal Savings & Loan Insurance Corp. from closing the doors and paying off depositors. The firm has nearly $2 billion in deposits.

Just last week, an Orange County real estate developer was indicted by a federal grand jury in Los Angeles on charges of accepting $1.5 million in kickbacks in a series of real estate transactions with Beverly Hills Savings.

Assets Shrink

Carter and Stickel were among the new wave of directors installed by regulators after the takeover. Carter joined the board right away, while Stickel became a director in mid-1986. New management was provided by First Nationwide Bank, a large and healthy thrift in San Francisco.

The new management has since shrunk Beverly Hills Savings’ assets to $1.26 billion today from nearly $3 billion. The liquidation is continuing and includes a gradual selloff of profitable subsidiaries and as well as problem assets, company officials say.

Beverly Hills’ losses mushroomed as management kept uncovering more and more problem loans--losses that ultimately will probably have be absorbed by FSLIC. The firm’s liabilities now exceed its assets by more than $900 million.