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Carter Not 'Ousted'

July 10, 1988

Regarding the July 6 story, "Beverly Hills S&L Chairman Ousted; Director Resigns: Feud With Thrift Regulators Over Sale of Problem Assets Reportedly Behind Shake-Up":

I wish to clarify the situation with regard to Tom Carter's leaving the board of directors and chairmanship of Beverly Hills Savings.

Federal Home Loan Bank President Jim Cirona and I both have the highest regard for Carter's abilities, integrity and accomplishments. His resignation from the board was requested solely because his new position with Great American First Savings Bank could pose conflicts of interest with his position on the Beverly Hills Board. We regret the necessity of his resignation because his service to Beverly Hills Savings has been invaluable. Our policy, however, is to avoid even the appearance of possible conflicts of interest.

We regret the depiction of Carter's resignation as an "ouster." We also regret any unfortunate speculation that Carter's resignation was requested for any reason other than that cited above.

MICHAEL PATRIARCA

San Francisco

The writer is in charge of supervising and examining savings and loan associations for the Federal Home Loan Bank of San Francisco.

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