Lincoln S&L; Boss Exits Before Sale Completed

Robin S. Symes has left his posts as chairman and chief executive of Lincoln Savings & Loan to give the group that is buying the Irvine-based S&L; an opportunity to assemble its own board and management team.

Symes said Wednesday that he is on a paid 6-month leave of absence from Lincoln and its parent firm, American Continental Corp. in Phoenix, where he also held a corporate position.

An investor group led by longtime S&L; executive Spencer Scott of Glendale agreed in December to buy Lincoln S&L; in a stock transaction valued at $288.75 million. Scott said he expects regulators to approve the deal by the end of February, and he will take over as chairman and chief executive officer.

“With the sale pending, I felt that it was appropriate for me to step aside as chairman and CEO,” Symes said Wednesday in a telephone interview from his home in Scottsdale, Ariz.

Symes’ Future Uncertain

Symes acknowledged that he may not return to Lincoln or American Continental.

He said he has not talked with Scott to see whether there is a place for him at Lincoln, and he has not decided whether he wants to take a position with the new owners.

American Continental officials are talking with Symes to see whether he fits into the corporation’s plans, said Robert J. Kielty, the company’s senior vice president and general counsel. Although he held a corporate position, Symes worked on S&L; matters, Kielty said.

Symes, 36, a computer science specialist, was responsible for modernizing the computer network at the S&L;, its branches and the corporation, Kielty said.

Two Terms as Chairman

Symes was first named the S&L;’s chairman in the summer of 1987, but gave way to veteran S&L; executive William D. Hinz in December, 1987. Hinz quit after 3 months and Symes replaced him, moving to Arizona from Orange County in the process.

Lincoln has been a target of regulatory scrutiny almost since American Continental bought it in 1984. The S&L;, with about $6.8 billion in assets, has relied on direct real estate investments and other non-traditional activities to remain profitable.

The company has been paring some of those operations as it prepares to close the sale with Scott’s group. Scott said he intends to run a more traditional savings institution that relies more on earnings from residential home lending.

About 10 days ago, American Continental laid off nearly 50 employees, most of whom had worked on real estate investments for the savings and loan in Phoenix. Operations at the S&L;’s 29 branches in Southern California were not affected.