Former Regulator Rejoins His Ex-Boss

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.

Davis, 54, of Villa Park, fills a new position as chief operating officer and executive vice president of the Huntington Beach thrift. 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 positions Feb. 4, hired Crawford and agreed to curtail the thrift’s lending while it complied with other limits on thrift operations.

The thrift also laid off 180 of its 700 employees.

Russell Jedinak started to reorganize management before leaving, Davis said, and Crawford completed the job by hiring thrift veterans to fill top management posts.

“I’m probably the final piece of the puzzle,” Davis said. “A lot of good people have been hired here recently, and I expect things to go very well in the future.”

William D. Davis

Age: 54

Residence: Villa Park

Birthplace: Honolulu

Career history:

California savings and loan commissioner, 1990-1991

Deputy chief savings and loan commissioner, 1985-1990

Senior vice president, Fidelity Federal S&L;, Glendale

Administrative vice president, Mariners S&L;, Newport Beach (sold to Fidelity Federal, 1978

Regional vice president, Great Western S&L;, Beverly Hills

Executive, Belmont S&L;, Long Beach (sold to Great Western, 1970)

Regulatory actions:

Sued Ramona S&L; in Orange, leading to a takeover by federal regulators.

Seized North America S&L; in Santa Ana, uncovered fraud.

Acted as conservator at a number of failed thrifts state seized.

Joined in call to halt bond sales at Lincoln S&L.;