Directors of Monarch Bank are expected to...
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Directors of Monarch Bank are expected to name a new president and chief executive Wednesday to replace co-founder and acting president Thomas H. Thornton, who died Jan. 19.
A search committee has narrowed the choice to two candidates, said Raymond Cox, a co-founder and acting bank president. Cox, who replaced Thornton as bank chairman, declined to identify the candidates.
Thornton, 59, had taken over the presidency temporarily at the beginning of the month when he and fellow directors ousted Michael Pollock as president and chief executive for what Thornton said at the time was Pollock’s liberal lending policies.
A long-time lawyer in the south Orange County area who thought Laguna Niguel needed a community bank, Thornton had joined with Cox and director Ellison Hazard to form Monarch Bank in April, 1980.
Thornton continued to practice law until last year when he had his second heart bypass operation, Cox said.
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