O.C. FINANCIAL CRISIS : Raabe’s Rise Through Ranks : Successor: The county’s assistant treasurer for one year, he was highly trusted by Citron, observers say.

SANTA ANA â€”  For the first time in 24 years, the county has a new treasurer--on an interim basis. Matthew Raabe, for the past year the county’s assistant treasurer, was named acting treasurer Monday and will now manage a county investment profile that has plunged $1.5 billion in value since January.

Raabe, a county employee and civil servant for the past 10 years, will take over the treasurer’s portion of the position held since 1970 by Robert L. Citron, who resigned in the wake of the worst financial crisis in the history of the county.

Raabe will hold the job until at least January, when the Board of Supervisors is expected to make a permanent appointment. Assistant Tax Collector Gary J. Cowan will take over Citron’s tax-collecting duties.

Raabe’s appointment as top financial officer was not entirely unexpected, county officials said. Since being named Citron’s assistant a year ago, Raabe has increasingly taken on a larger and more vocal role for Citron, who previously was never one to share the spotlight, say county insiders.

“Over the last couple of years, Matt has taken more of a leadership role,� said Andrew V. Czorny, finance director of the Orange County Water District, which has $10 million in the county investment pool.

County Administrative Officer Ernie Schneider acknowledged last week that although he doesn’t know much about Raabe’s background, he likes what he has seen of his work and added that he had come highly regarded by Citron.

“Citron picked him,� Schneider said during an interview last week. “I’ve been pretty impressed with his performance.�

Where Citron was basically an investment strategist who was not good at communicating his activities, Raabe has the ability to simplify issues so most people can understand them, Schneider said.

“I’ve got a lot of faith in him,� Schneider said. “He’s got the ability to discuss these complicated financial matters and explain them to the guy in the street.�

Indeed, in the tense days of the past week, as news of the financial crisis was made public, Raabe was made spokesman of a “management team� of top administrators assigned to guide the county through the crisis. Raabe joined Citron, Schneider, Auditor-Controller Steve E. Lewis, County Counsel Terry C. Andrus and Finance Director Eileen T. Walsh.

Raabe, a Santa Ana resident who is not married, is an Iowa native but a product of Orange County schools. After moving to Orange County with his family in 1960, he attended and graduated from Mater Dei High School in Santa Ana and then attended Cal State Fullerton, where he graduated in 1984 with a degree in business administration.

A month after graduating, in July, 1984, Raabe joined the county’s auditor-controller’s office as an auditor. While working as an auditor, Raabe became a certified public accountant and in 1987 he joined the county treasurer’s office.

Raabe first arrived in the public spotlight last spring during Citron’s race for reelection when the county’s investment strategies were being challenged. Raabe defended his boss throughout the campaign.

Despite challenger John J.W. Moorlach’s claims, Citron was reelected last June to a seventh term.

Profile: Matthew Raabe

Assistant County Treasurer Matthew Raabe has been named acting county treasurer. A permanent replacement will be chosen in January. Some background on Raabe:

Age: 38

Education: Bachelor of arts in business administration, Cal State Fullerton, 1984

Profession: Certified public accountant

Occupational background: Hired as auditor in auditor-controller’s office upon graduation; became chief of treasury operations for county treasurer-tax collector’s office, 1987; promoted to assistant treasurer, 1993

Source: Orange County treasurer-tax collector’s office

Researched by APRIL JACKSON / Los Angeles Times