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GUARDIAN BANCORP ANNOUNCES ORGANIZATIONAL CHANGES

 LOS ANGELES, Aug. 31 /PRNewswire/ -- Paul M. Harris, Chairman of the Board of Guardian Bancorp (AMEX: GB), parent company of Guardian Bank, announced today that the Bank has hired, subject to normal regulatory approval, Mr. Howard A. Shields, to serve as the Bank's Chief Credit Officer. Mr. Shields is expected to start with the Bank on Sept. 7, 1993, in a consulting capacity until approval is received. "Mr. Shields brings to Guardian Bank over 30 years of experience in senior credit and management positions," said Mr. Harris in making the announcement.
 Mr. Harris also announced that Arthur W. Tate, President of Guardian Bancorp, and Ronald W. Holloway, Vice Chairman of Guardian Bank, are no longer in the employ of the Company. Mr. Harris indicated that their respective responsibilities have been reassigned to others within Company management, including Mr. Howard C. Fletcher, President and Chief Executive Officer of Guardian Bank. As recently announced, the Company has been focusing significant attention toward loan portfolio diversification goals, problem asset resolution and cost-reduction efforts. Cost-reduction efforts have included organizational changes within the Company to streamline operational units with the goal of reducing the Company's noninterest expense levels.
 Guardian Bancorp is the holding company for Guardian Bank, member FDIC, an independent commercial bank headquartered in Los Angeles with branches in Fountain Valley and Ontario, Calif. Guardian Trust Company, a wholly owned subsidiary of Guardian Bank, operates from its Los Angeles office and offers custodial trust services to the Bank's labor union and management trust fund customers.
 -0- 8/31/93
 /CONTACT: Paul M. Harris, 213-239-0800/
 (GB)


CO: Guardian Bank; Guardian Bancorp ST: California IN: FIN SU: PER

EH-JB -- LA013 -- 7463 08/31/93 11:28 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
Words:281
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