BSD BANCORP. ANNOUNCES RESIGNATION OF PRESIDENT AND CHIEF OPERATING OFFICER OF HOLDING COMPANY
BSD BANCORP. ANNOUNCES RESIGNATION OF PRESIDENT
AND CHIEF OPERATING OFFICER OF HOLDING COMPANY
SAN DIEGO, Nov. 1 /PRNewswire/ -- BSD Bancorp Inc. (AMEX: BSD) today announced that Vito J. Guarino, Jr. has resigned a president and chief operating officer of the holding company, effective Oct. 31, 1991.
Guarino joined BSD Bancorp in 1986 as chief operating officer and was named president in 1989. Commenting on his decision, Guarino said, "Recent changes in my personal life require me to devote more time to family business matters outside of San Diego. I have truly enjoyed my relationship over the past five years with BSD Bancorp, its chairman and its many employees," he added, "and wish each and every one of them the best success going forward."
Chairman James S. Brown stated that the board of directors accepted Guarino's resignation with regret. "Vito has brought a tremendous amount of talent to our company," said Brown, "and we have been fortunate to benefit from someone of his stature and caliber. We will miss him both personally and professionally, and wish him the best.
"One of Vito's key legacies is the strong operating staff he has assembled," added Brown. "As a hands-on chief executive officer since 1985," he said, "I've worked closely with the operating team and am confident we have the necessary talent in place to successfully achieve our goals of improving asset quality and increasing profitability."
Brown stated that no immediate successor to Guarino would be named and that, in addition to becoming more active himself, Marilyn Creson Jones, chief financial officer, would handle some of the duties previously performed by Guarino. "Given Vito's decision," said Brown, "I've chosen to perform an even greater role in the day- to-day operations of the company, and am personally very excited about that opportunity."
BSD Bancorp is a diversified holding company serving banking and trust markets predominantly in Southern California.
/CONTACT: James S. Brown, chairman of BSD Bancorp., 619-237-5364/
(BSD) CO: BSD Bancorp ST: California IN: FIN SU: PER AL-KJ -- SD005 -- 0469 11/01/91 18:47 EST