Far West Financial says goodbye to Orange County.

Key staff members shift operation to Century City Far West Financial says goodbye to Orange County The parent of Orange County's second largest savings and loan association is quietly moving its headquarters offices to Century City.

Far West Financial Corp., with total assets of $3.99 billion, does not plan to move the headquarters of its primary subsidiary, Newport Beach-based Far West Savings and Loan Association. However, key members of the holding company's staff are in the process of shifting their head office into 5,000 square feet of space in the 1800 Avenue of the Stars building in Century City.

"It is not very mysterious and not very exotic," says Fred Kayne, Far West's recently named chief executive officer. "I live in Beverly Hills and have an office in Century City. Far West is using my office. In about 18 months, we will make a decision of where to set up a permanent location."

Kayne, the founder of First Los Angeles Bank, has been on Far West's board of directors for nearly a year. He became the company's full-time president and chief executive in late February, after leaving a position as managing director of the Los Angeles office of Bear Stearns & Co. Inc., a New York-based investment house.

Kayne replaced William Belzberg, a renowned Canadian investor, as Far West's chief executive. Belzberg, who owns more than 30 percent of Far West's stock, remains on the company's board.

Until Kane joined the company, Far West Financial Corp. had dual headquarters offices in Newport and Beverly Hills, Kane says. The bulk of the company's officers were headquartered in Orange County, but Belzberg, who also owns the controlling stake in Beverly Hills-based First City Industries, was headquartered out of Beverly Hills.

According to a corporate officer, the officers who are currently relocating to Century City include Kane; Charles H. Green, chief financial officer; Kurt C. Kemper, general counsel; Bruce Lloyd, senior vice president of corporate banking; and Mark Brownstein, president of Far West Real Estate.

Executives at the new location will concentrate on "various kinds of financial lending and investments," Kane says.

Meanwhile, the company reported that its first quarter profits fell 70 percent to $2.6 million vs. $8.7 million during the same period a year ago.

Far West's net interest income increased 18 percent compared to the first quarter of 1987, the company says. However, net earnings were hurt by "a significant decrease" in asset sales.

During the first quarter of 1988, Far West gained $912,000 by selling mortgage-backed securities, investment securities and loans, the company says. Gains on the sale of such securities amounted to $16.63 million during the first quarter of 1987.

Total revenues rose 8 percent in the first quarter of 1988 to $98 million, and assets rose nearly 27 percent to $3.99 billion vs. $3.14 billion during the same period a year ago.