BANKING

Professional Bancorp Inc. to Settle Litigation: The Santa Monica-based bank holding company’s existing directors and the directors nominated by its shareholders’ protective committee agreed to settle litigation related to the management of the company and its First Professional Bank unit. Professional Bancorp said Chief Executive Joel W. Kovner and Executive Vice President and Chief Operating Officer David G. Rodeffer both resigned. John Buchanan was named interim chief executive; Buchanan is president of Buchanan Associates, which provides corporate finance services. Julie Thompson and Lynn Poulson will lead a new combined board for the holding company and the bank. The shareholders’ protective committee named Julie Thompson, Ray T. Oyakawa, Joel Moskowitz and Alan Borstein directors of the company. Further information was not available.