Resignation of Far West S&L; President Surprises Colleagues

David E. Blackford has resigned as president of Far West Savings & Loan in Newport Beach, adding to the corporate turmoil that already has brought several major changes to the S&L; and its parent company, Far West Financial, in recent months.

Blackford, who has headed the S&L; for more than four years, will remain on the boards of directors of the S&L; and its parent.

His resignation and quick exit on July 1 surprised his colleagues, said Kurt C. Kemper, the company’s general counsel. But Kemper and Charles H. Greene, a senior executive vice president, said Blackford had decided on his own to leave the S&L; to pursue other business opportunities.

Blackford, believed to be on vacation, could not be reached for comment.

Since February, Far West Financial has undergone a number of changes. William Belzberg, the company’s chairman, relinquished his position as president and brought in a business associate, Fred Kayne, to take over those duties.

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Kayne, a longtime investment banker, is expected to broaden the company’s capabilities if officials decide that the S&L; should engage in securities activities or seek additional capital.

Six weeks ago, Far West Financial moved out of its corporate headquarters in Newport Beach and into Kayne’s Century City offices. Belzberg, who with two brothers owns 53% of the company’s stock, maintains offices in Beverly Hills.

Blackford never indicated that he was unhappy with his job or with the recent corporate changes, Kemper said.

The former president simply has talked to several people about other jobs and wants to pursue those opportunities, said Greene.

Neither executive knew any details of Blackford’s plans.

Greene said the company is negotiating with several candidates for Blackford’s job. Blackford was paid $550,000 last year to head the state’s 17th largest S&L;, which had $3.75 billion in assets at the end of the year.