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Independence Bank Names New Senior Vice President

September 09, 1986|STUART SILVERSTEIN | Times Staff Writer

Fast-growing Independence Bank has named Daniel J. Geary, a former president of Warner Center Bank, as senior vice president in charge of branch-office operations.

Encino-based Independence, the biggest bank headquartered in the San Fernando Valley, said Geary is filling a position just created to help handle the expansion that began when the institution was acquired last October by Saudi financier Ghaith R. Pharaon. Independence's assets as of June 30 totaled $283.3 million, up 29.5% from a year before.

In April, Independence acquired most of the assets of Center National Bank of Woodland Hills, which was closed by regulators. On Monday, it opened its 11th branch, at 175 S. Beverly Drive in Beverly Hills.

Morton R. Michaels, Independence's president and chief executive, said the bank plans to open two to four more branches next year in areas near the Valley, where it already has eight offices.

Geary will be one of three senior vice presidents reporting directly to Michaels, who, in turn, reports to Chairman Kemal Shoabib.

Geary, 47, was dismissed in June as Warner Center Bank's top executive after four years in the job. Although the bank enjoyed strong profits during most of Geary's tenure, directors said they became disenchanted with him because he often ignored their wishes.

Before joining Warner Center, Geary was the senior loan officer for West Coast Bank, now closed, in Encino. He joined West Coast after working his way through the ranks at Union Bank and becoming its regional manager in North Hollywood.

Geary moved to Los Angeles from Boston at the age of 10 and earned a bachelor's degree in business from California State University, Los Angeles.

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