L.A. county-based savings & loan associations: ranked by assets as of June 30, 2006.EXECUTIVE SUMMARY THE number of savings and loans savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. headquartered in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County dwindled to just seven during the past 12 months. Monterey Monterey (mŏntərā`), city (1990 pop. 31,954), Monterey co., W Calif., a port on Monterey Bay; founded 1770, inc. 1850. It is a popular resort, the home of many artists and writers, and one of California's oldest cities. Park-based Standard Bank, No. 5 last year, was acquired by East West Bank in March. The thrift thrift: see leadwort. had $922 million in assets when it was acquired. It was the second trust headquartered in Los Angeles County acquired by East West Bank. In September September: see month. of 2004, East West acquired Trust Bank. First Bank of Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , No. 4 last year, changed charters to become a commercial bank rather than a savings and loan. Calabasas-based First Bank of Beverly Hills has assets of $1.4 billion as of June June: see month. 30. Despite a decline in the number of L.A.-based institutions, their holdings have not diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. . The seven institutions that remain saw assets increase to $39.4 billion as of June 30, up 18 percent over the previous year. The order of the institutions on the list did not change, with the bottom four moving up two spots each due to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. exclusions exclusions, n.pl the dental services not covered under a dental benefits program. . Leader IndyMac Bank Indymac Bancorp, Inc. (NYSE: IMB) (Indymac®) is the holding company for Indymac Bank, F.S.B. (Indymac Bank®), the largest savings and loan in Los Angeles and the 7th largest mortgage originator in the nation. saw the largest increase with assets of $22.7 billion as of June 30, up 24.5 percent compared with the previous year. No. 6 Universal Bank and No. 7 Broadway Broadway, famous thoroughfare in New York City. It extends from Bowling Green near the foot of Manhattan island N to 262d St. in the Bronx. Throughout its length Broadway is chiefly a commercial street. Federal Bank saw assets decline slightly during the past 12 months, but both net income increase during the same period. Overall, the seven savings and loans headquartered in L.A. County employ 8,347 people in 93 total offices nationwide. THE PACESETTER INDYMAC BANK WITH more than double the assets of its closest local competitor, Pasadena-based mortgage lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. IndyMac Bank is by far the largest savings and loan association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. in Los Angeles County. It is the seventh consecutive year the company has topped the list. As of June 30, assets stood at $22.7 billion, up 24.5 percent from the year earlier. Deposits rose by 41.8 percent to $9.6 billion as of June 30. Michael Perry The name Michael Perry may mean:
v. Past tense of oversee. an aggressive expansion. IndyMac has become the 10th largest thrift and the seventh largest mortgage lender, in the country. In September, Perry signed a new five-year contract with options for an additional five years. In 2004, IndyMac purchased a majority share of Irvine-based Financial Freedom from Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Bank FSB (FrontSide Bus) See system bus. FSB - front side bus . Financial Freedom is the largest reverse mortgage lender in the country with more than 50 percent of the niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. share. The IndyMac board considered holding an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. for the company, but instead opted to retain its 100 percent ownership stake. "It is in the best interest of our shareholders for IndyMac to keep Financial Freedom as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. focused on the senior market. This will allow us to fully leverage IndyMac's systems, infrastructure and mortgage banking expertise," said Perry in a statement. Overall, IndyMac employs 6,688 people and has 19 branch locations. Researched by David Nusbaum Nusbaum is a village in the district Bitburg-Prüm in Rhineland-Palatinate, Germany, situated in the southern part of the Eifel. Links
Assets (1) Deposits (1)
Savings & Loan (in millions) (in millions)
(Ranking in 2005) * 2006 * 2006
* name * 2005 * 2005
* address * % change * % change
Rank * Web site (loss) (loss)
1 IndyMac Bank (1) $22,743.3 $9,575.6
155 N. Lake Ave. $18,273.9 $6,752.1
Pasadena 91101 24.5 41.8
indymacbank.com
2 First Federal Bank of 10,256.8 5,542.1
California (2) 9,278.1 4,025.5
401 Wilshire Blvd. 10.5 37.7
Santa Monica 90401
firstfedca.com
3 PFF Bank & Trust (3) 4,382.9 3,140.6
399 N. Garey Ave. 3,900.4 2,780.4
Pomona 91766 12.4 13.0
pffbank.com
4 Kaiser Federal Bank (6) 723.7 463.9
1359 N. Grand Ave. 620.6 476.0
Covina 91724 16.6 (2.5)
kaiserfederal.com
5 Malaga Bank (7) 633.3 326.4
2514 Via Tejon 526.4 306.2
Palos Verdes Peninsula 20.3 6.6
90274 malagabank.com
6 Universal Bank (8) 420.4 316.1
3455 Nogales St., 432.6 328.1
Suite 105 West Covina (2.8) (3.7)
91792 universalbank.com
7 Broadway Federal Bank (9) 28.4 211.1
4800 Wilshire Blvd. 297.1 210
Los Angeles 90010 (4.4) 0.5
broadwayfederalbank.com
Net Income (2)
Savings & Loan (in millions)
(Ranking in 2005) * 2006 Capital Ratios
* name * 2005 * tier one (3)
* address * % change * total risk-
Rank * Web site (loss) based (4)
1 IndyMac Bank (1) $192.1 11.7%
155 N. Lake Ave. $148.8 12.1%
Pasadena 91101 29.1
indymacbank.com
2 First Federal Bank of 65.4 13.4
California (2) 40.4 14.7
401 Wilshire Blvd. 61.8
Santa Monica 90401
firstfedca.com
3 PFF Bank & Trust (3) 26.8 9.9
399 N. Garey Ave. 24.4 10.9
Pomona 91766 9.6
pffbank.com
4 Kaiser Federal Bank (6) 2.4 15.4
1359 N. Grand Ave. 2.4 16
Covina 91724 0.4
kaiserfederal.com
5 Malaga Bank (7) 2.8 11.8
2514 Via Tejon 2.5 12.4
Palos Verdes Peninsula 11.6
90274 malagabank.com
6 Universal Bank (8) 4.2 14.2
3455 Nogales St., 2.8 15.1
Suite 105 West Covina 53.7
91792 universalbank.com
7 Broadway Federal Bank (9) 1 12
4800 Wilshire Blvd. 0.8 12.8
Los Angeles 90010 20.6
broadwayfederalbank.com
Non-Current
Savings & Loan Ratios Returns (2)
(Ranking in 2005) * % of total * on average
* name assets assets
* address * % of total * on average
Rank * Web site loans equity
1 IndyMac Bank (1) 0.5% 1.7%
155 N. Lake Ave. 0.7% 20.9%
Pasadena 91101
indymacbank.com
2 First Federal Bank of 0.1 1.3
California (2) 0.1 19
401 Wilshire Blvd.
Santa Monica 90401
firstfedca.com
3 PFF Bank & Trust (3) 0.2 2.2
399 N. Garey Ave. 0 15.4
Pomona 91766
pffbank.com
4 Kaiser Federal Bank (6) 0 0.7
1359 N. Grand Ave. 0 6.8
Covina 91724
kaiserfederal.com
5 Malaga Bank (7) 0 0.9
2514 Via Tejon 0 11.8
Palos Verdes Peninsula
90274 malagabank.com
6 Universal Bank (8) 0.9 2
3455 Nogales St., 1 16.8
Suite 105 West Covina
91792 universalbank.com
7 Broadway Federal Bank (9) 0 0.7
4800 Wilshire Blvd. 0 9.1
Los Angeles 90010
broadwayfederalbank.com
Savings & Loan Profile
(Ranking in 2005) * employees Top Executive
* name * branches * name
* address * year * title
Rank * Web site founded * phone
1 IndyMac Bank (1) 6,688 Michael W. Perry
155 N. Lake Ave. 19 chairman, ceo
Pasadena 91101 1936 (626) 535-5901
indymacbank.com
2 First Federal Bank of 605 Babette E. Heimbuch
California (2) 32 chairwoman, ceo
401 Wilshire Blvd. 1929 (310) 319-6000
Santa Monica 90401
firstfedca.com
3 PFF Bank & Trust (3) 740 Kevin McCarthy
399 N. Garey Ave. 26 ceo, president
Pomona 91766 1892 (909) 623-6517
pffbank.com
4 Kaiser Federal Bank (6) 99 Kay M. Hoveland
1359 N. Grand Ave. 5 ceo, president
Covina 91724 1953 (626) 339-9663
kaiserfederal.com
5 Malaga Bank (7) 54 John R. Polen
2514 Via Tejon 2 ceo, president
Palos Verdes Peninsula 1985 (310) 375-9000
90274 malagabank.com
6 Universal Bank (8) 95 Frank Chang
3455 Nogales St., 5 ceo
Suite 105 West Covina 1954 (626) 854-2818
91792 universalbank.com
7 Broadway Federal Bank (9) 66 Paul C. Hudson
4800 Wilshire Blvd. 4 ceo, president
Los Angeles 90010 1947 (323) 634-1700
broadwayfederalbank.com
Note: The financial information on this list was provided by the FDIC.
S&Ls are ranked by their assets as of June 30, 2006. A S&L's ranking
does not reflect its relative strength within the industry. The core
capital ratios and non-performance asset ratios can be used as
indicators of an institution's financial security. To the best of our
knowledge, this information is accurate as of press time. While every
effort is made to ensure the accuracy and thoroughness of the list,
omissions and typographical errors sometimes occur. Please send
corrections or additions on company letterhead to the Research
Department, Los Angeles Business Journal, 5700 Wilshire Blvd., Suite
170, Los Angeles 90036. c2006 Los Angeles Business Journal. This list
may not be reprinted in whole or in part without prior written
permission from the editor. Reprints are available from Wright's
Reprints, (877) 652-5295.
(1) As of June 30.
(2) For the six months ended June 30.
(3) Tier one (core) capital as a percent of risk-weighted assets.
(4) Total risk-based capital as a percent of risk-weighted assets.
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