Dissident Leaves Valley Federal: James J. Cotter,...
Dissident Leaves Valley Federal: James J. Cotter, who last year waged a proxy fight to win a seat on the board of Valley Federal Savings & Loan, quit his director’s post at the Van Nuys-based S&L.; Cotter left to avoid “any perceived regulatory conflict†stemming from his relationship with Citadel Holding, the Glendale-based parent of Fidelity Federal Savings, Valley Federal said. Cotter affiliates are major shareholders in Citadel, which has been considering a merger with Valley Federal. Valley Federal, which has been struggling financially, also plans to end its employee stock ownership plan to cut overhead by $600,000 a year.
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