Bank in Laguna Niguel and Laguna Bank in Laguna Beach--is getting closer to a final agreement.
A tentative stock swap was negotiated in late August, but work on the purchase of Laguna by Monarch's holding company was delayed while Monarch tried to negotiate a related transaction, said E. Lynn Caswell, Monarch's president.
Meanwhile, Laguna's president, Donald Narup, was asked to resign Friday. According to Richard Stenton, Laguna's chairman, Narup resigned because he was allowing the Monarch deal to interfere with the bank's operations.
Narup couldn't be reached for comment.
Stenton has taken over as acting chief executive, and Steve Rabago, a company director, will handle daily operations. Stenton said a search for a new president will start if a final agreement isn't reached within the next few weeks. Caswell said he hopes to reach a final agreement and submit it to regulatory approval within a month.