SAN DIEGO COUNTY - News from March 30, 1989

Two Imperial Corp. of America executives have resigned as part of a continuing restructuring of the San Diego-based company’s mortgage banking and consumer lending department. Senior Vice President Stephen Wright and Executive Vice President Rocco Fabiano have left the company, according to ICA Vice President Andy Micheletti. ICA is the parent company of Imperial Savings & Loan.

The restructuring and the resignations were driven by continuing problems in the mortgage banking and consumer lending department that earlier this week forced ICA to reduce its estimated 1989 net income from $30 million to about $16 million.