Krause to Retire From Post at FCA
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Kenneth W. Krause, a top executive at Financial Corp. of America, the parent of large but insolvent American Savings & Loan Assn., is retiring, FCA said Friday.
Krause, 65, an executive vice president of Irvine-based FCA, oversees the firm’s 185-branch network and data processing and computer operations. He is also a senior executive vice president at American Savings, which is headquartered in Stockton, and chief of financial services for both companies.
When Krause departs June 15, his jobs will be split between two FCA executives. Neil N. Stolz, FCA executive vice president, will take over the data processing and computer operations. Another FCA executive vice president, W. Brent Robinson, will oversee the branch system.
Krause, who worked for FCA for 10 years, will become a consultant to the company July 1. “He wanted to keep his association with FCA and, with all his experience, he’s a valuable person to have around,” spokeswoman Layna J. Browdy said.
The possible sale of troubled American Savings to Texas investor Robert M. Bass is being negotiated by officials of the Federal Home Loan Bank Board, the regulatory body that oversees savings and loan firms.
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