Money-Losing First National’s CEO Resigns

First National Corp., the parent of First National Bank, announced the resignation of Chief Executive Michael West on Friday as the holding company reported losses of $7.6 million for the fourth quarter of 1991 and $10.3 million for the year.

The fourth-quarter loss, which follows a $5.5-million third-quarter deficit, does not place the institution in imminent danger of regulatory sanctions. But the bank also reported continued loan deterioration and said it will seek a “new direction” out of the current commercial lending emphasis toward more consumer and “private banking.”

Chairman Malin Burnham said at a press briefing Friday that the resignation was “mutually agreed on by the board and Mike.”