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Discovery Bancorp CEO Resigns

San Marcos-based Discovery Bancorp, which has about $200 million in assets, said Dec. 10 that James Kelley resigned as president, CEO and director of both the holding company and its main subsidiary, Discovery Bank, effective immediately “to pursue other interests.”

In his place, the banking firm appointed Joseph Carona, who was executive vice president and chief administrative officer for the holding company and the bank, to interim president and chief executive officer of both entities until a successor is found. A search for Kelley’s replacement is under way, the company said.

Chairman John Plavan thanked Kelley for his service, which included helping establish the bank in 2001.

Carona has been in banking for nearly 40 years, including stints at Citibank, European American Bank, California Commerce Bank, Columbia National Bank, Sterling Bank, and City National Bank of Beverly Hills.

For the nine months ended Sept. 30, Discovery reported net income of $852,000, compared with $1.4 million for the like period of 2006. The company reported an increase in nonperforming assets and delinquencies to $2.8 million at the time.

A call to Carona for comment was not immediately returned.

, Mike Allen

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