BANKING & FINANCE - Dec. 13, 1991

Three CalFed Directors Resign: CalFed Inc. said two of the three are resigning in protest over federal thrift regulators’ controversial order last month that CalFed come up with $375 million to beef up its financial condition. The resignations bring to five the number of CalFed directors who have resigned in the past six weeks. Only two have cited the regulators’ action as a reason, however. CalFed identified the directors resigning in protest as Russell H. Green Jr., an independent natural gas producer, and Richard C. Lawton, past president of Transmix Corp. In addition, Edward M. Benson resigned. CalFed is left with eight directors.