Mission Viejo Bank Director Resigns
With his bank under increasing pressure from regulators, William T. Brady resigned Friday as chairman, president and chief executive of Mission Viejo National Bank and its parent company, Viejo Bancorp.
Brady remains as a director of the bank and its holding company.
He is succeeded as chairman by Ronald P. Cordes, a commercial airline pilot and bank director for 10 years. John McCauley, the bank’s senior credit officer, took over as acting president.
Brady’s resignation came only four days after the company announced that it would report a “substantial loss” for the second quarter and that the bank would be left with inadequate capital to meet federal regulators’ requirements.
The Office of the Comptroller of the Currency, which regulates national banks, is continuing its examination of the bank’s financial condition. The bank said Tuesday that there are “several issues yet to be resolved” with regulators.
It was unclear Friday whether regulators had forced Brady out. Brady, Cordes and McCauley could not be reached for comment after McCauley released a brief written press release late in the day.
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