Santa Clarita / Antelope Valley : President of Bank Is Expected to Be Fired : Finance: Resignation had been sought. Officials are unhappy with Valencia National’s performance.

The president of Valencia National Bank apparently will be fired this week after failing to submit his resignation before a deadline set by the board of directors.

Robert Manley, 51, one of the bank’s founders when it opened in 1987, accused the board last week of asking for his resignation because he was getting tough about collecting loan payments from present and former board members.

A prepared statement released by the board Wednesday called Manley’s accusations a smoke screen and stated that directors were unsatisfied with the bank’s service and financial performance.

“Starting two years ago, the Board had extensive meetings with Manley and his management to improve the situation,” the statement reads. “After many such meetings, the Board concluded that, although Manley helped the bank get off its feet, grow to three branches, and become profitable, he was not the best choice to take the bank through its next phase of growth.”

Net income at the bank has dropped from $511,982 in 1990 to $29,454 in 1993, according to bank reports. But the bank lost about $200,000 in 1993 because of a defaulted loan to a former board member, and an unspecified amount of additional money from other outstanding loans.

Manley failed to respond to the board’s request for his resignation by last weekend’s deadline and “a board meeting has been scheduled this week to conclude the matter,” the statement adds.

Lou Garasi, chairman of the board, has stated previously that Manley would be terminated if he did not resign.

Manley is on vacation out of the state and could not be reached for comment Wednesday. He stated in a previous interview that outstanding loans to board members and the legal fees spent trying to collect them have cost the bank “several hundred thousand dollars.”

Garasi confirmed that at least two former board members had outstanding loans. He said both met the bank’s credit and regulation requirements, but unexpected situations arose.

“One was a fraudulent situation--that very seldom happens,” he said. “The other one was someone involved in real estate who ended up in a situation where cash flow did not continue (because of) the slowing down of the economy during the last two years.”

Manley was part of the committee that approved the loans, Garasi added.

Garasi declined to identify the loan holders, stating he is forbidden by banking regulations from doing so.

The bank has “made other collateral” arrangements with an unnamed former director who has a $200,000 outstanding loan and hopes to recover the money, although it was required by federal banking regulations to charge off the loan and take a loss in 1993, according to the bank’s prepared statement.

Other former and current board members have loans at the bank, but bank officials said the amounts owed are not significant and no current board member has repayment problems. Garasi said the bank remains in sound financial shape and the defaulted loans are not sufficient to endanger that standing.

Valencia National Bank is the Santa Clarita Valley’s only locally-based bank, with branches in Valencia, Newhall and Canyon Country. Current board members include Garasi, Chuck Albrecq, Gene Burke, Walt Fisher, Dick Keysor, Joseph McKeon, Bob Nahabit and Rick Patterson.