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Gerald Barrone Joins Coast S&L

March 04, 1987|TOM FURLONG

Coast Savings & Loan in Los Angeles announced three major management changes Tuesday, including the appointment of Gerald D. Barrone as president and chief operating officer.

Barrone, 55, most recently was CEO of Citadel Holding, whose principal subsidiary is Fidelity Federal Savings & Loan in Glendale. Barrone quit that job several weeks ago after staying with the firm through 1985 and 1986 when it underwent extensive shareholder and leadership upheaval.

Coast Savings also said that Ray Martin, who had been president and CEO, becomes the new chairman, succeeding Ross M. Blakely. Martin, 52, will continue as CEO while Blakely, 67, remains at Coast as a director and chairman of the executive committee.

In a statement, Martin said Barrone's appointment will help Coast "face the challenges of today's changing financial environment. His expertise and experience will be a welcome addition to Coast's management team." Coast is California's 11th-largest savings and loan firm with 93 branch offices throughout the state.

Barrone spent more than three decades at Fidelity Federal Savings before resigning Jan. 19. Although Barrone did not explain why he left, the parting apparently was not amicable.

He severed all ties with his erstwhile employer and reached an agreement to "terminate" a long-term employment contract under which he was to be paid a minimum of $264,000 a year until early 1993.

Barrone, a UCLA graduate, is a past chairman of the California League of Savings Institutions, an industry trade group. He is a director of the Federal Home Loan Bank of San Francisco and a legislative committee member of the U.S. League of Savings Institutions.

Barrone was out of town Tuesday and unavailable for comment.

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