Valley Federal Savings & Loan disbanded its...

Valley Federal Savings & Loan disbanded its 4-month-old office of the chief executive and named one of the group’s four members, Dan E. Nelms, as sole president and chief executive.

The other three members were Joseph R. Biafora, Jack R. Allewaert and Michael Laurin. Biafora remains Valley Federal’s chairman. Allewaert, who is chief financial officer, was named to the additional post of chief operating officer. Laurin, formerly chief operating officer, was appointed chief administrative officer.

Nelms, 42, also had been the company’s chief lending officer. Before joining Valley Federal in 1983, he held management posts at National Mortgage Investors and Fidelity Federal Savings & Loan.

Valley Federal, the San Fernando Valley’s biggest financial institution with $3.3 billion in assets, created the office of chief executive in November to replace Donald C. Headlund, who had been president and chief executive.

The change came as Valley Federal drew a takeover offer from Citadel Holding Corp., the Glendale-based parent of Fidelity Federal. But Valley Federal had said the executive shuffling was not related to Citadel’s bid.