Robert W. Hubbard has been hired by Downey Savings & Loan Assn. to fill the post of chief operating officer as the Costa Mesa institution readies itself for a 35% increase in assets and direct investments next year.
Hubbard, 45, a former president and chief operating officer of Imperial Corp. of America in San Diego, will take over many of the day-to-day duties now handled by Maurice L. McAlister and Gerald H. McQuarrie, Downey's president and chief executive officer, respectively.
McAlister and McQuarrie, the founders of the 29-year-old S&L, will concentrate on strategic and long-range planning, a spokesman for the association said.
Since the summer, Downey has been beefing up its management ranks to prepare for its growth spurt. With $2.5 billion in assets and 41 branches, the S&L is one of the few nationwide that has been approved by federal regulators to exceed the 25% limit on annual growth imposed on the industry.