Downey S&L; May Pick Operating Chief

Downey Savings & Loan, continuing its restructuring, is expected to announce today that it has hired F. Anthony Kurtz as its chief operating officer.

Kurtz is also expected to be named president soon, replacing co-founder Maurice L. McAlister, according to an industry source. McAlister said in an interview last Friday that he will retire in six to 12 months.

Kurtz will assume his initial duties Sept. 23, the same day that veteran banker Robert L. Kemper takes over as Downey’s chief executive. As chief operating officer, Kurtz will replace Jane Wolfe, who is expected to be reassigned to another top management spot.

Kurtz and Kemper resigned Friday from their posts at the failed Great American Bank in San Diego. Kemper was chairman and chief executive, and Kurtz was executive vice president and chief financial officer.

Newport Beach-based Downey said last Friday that Kemper, a former Wells Fargo Bank vice chairman, would fill the chief executive post vacated by the July 31 retirement of the S&L;’s other co-founder, Gerald H. McQuarrie, 70.

Until he retires, McAlister, 65, will remain as chairman and president of Downey and president of its real estate investment subsidiary, DSL Service Co.