Guardian S&L; Picks Ex-State Regulator

Guardian Savings & Loan, a once fast-growing thrift under regulatory pressure to shape up its record-keeping, has named the state’s former top thrift regulator as its chairman and president.

William J. Crawford, former commissioner of the state Department of Savings and Loan, will take over the reins of the Huntington Beach-based firm on Monday, replacing Guardian co-owner Russell M. Jedinak.

Jedinak and his wife and co-owner, Rebecca M. Jedinak, were essentially ousted by the federal Office of Thrift Supervision as part of a regulatory order the Jedinaks consented to. Rebecca Jedinak was the senior executive vice president and oversaw the thrift’s foreclosure actions and sales of foreclosed properties.

The OTS had halted most of the thrift’s lending last month while the Jedinaks and regulators worked on the consent agreement.

The order also will force the layoff of about 180 of Guardian’s 700 employees, said Steve Kudenholt, a spokesman for the S&L.; That’s because the order limits the amount of money Guardian can lend in the next three months as it gets its internal policies and procedures in order, Kudenholt said.