William D. Davis, who left his post...

William D. Davis, who left his post Tuesday as the state’s top thrift regulator, began his new job Wednesday running the day-to-day operations of Guardian Savings & Loan, Huntington Beach.

Davis, 54, fills a new position as the thrift’s executive vice president and chief operating officer. As such, he reports once again to his former boss, William J. Crawford, the institution’s chairman, president and chief executive.

Crawford became commissioner of the state Department of Savings and Loan in 1985, and Davis was his chief deputy. Davis took over the top spot last year when Crawford, 71, retired from the agency. Their reunion comes at a thrift that had landed in hot water with federal regulators last year for its sloppy bookkeeping and archaic management structure.

Under pressure from federal regulators, Guardian’s owners, Russell and Rebecca Jedinak, relinquished their top posts Feb. 4, hired Crawford and agreed to curtail the thrift’s lending while it complied with other limitations on thrift operations. The thrift also laid off 180 of its 700 employees.