Citadel Holding Corp. in Glendale said Richard...

Citadel Holding Corp. in Glendale said Richard M. Greenwood was elected president and chief executive of Citadel and chairman, president and chief executive of its primary unit, Fidelity Federal Bank.

Greenwood succeeds William C. Walbrecher, who left the company Wednesday when “the board decided to replace him,” said Godfrey B. Evans, Citadel’s general counsel. Greenwood formerly was chief financial officer of CalFed Inc. and its main subsidiary, California Federal Bank.

James J. Cotter remains Citadel’s chairman. His business interests own about 19% of Citadel’s stock, and he has regulatory approval to acquire control of the company.