SAVINGS & LOAN ASSOCIATIONS.L.A. County-based; ranked by assets as of June 30, 2000 The LIST EXECUTIVE SUMMARY IN past years, the Business Journal has listed the top 25 savings and loan 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. institutions based in Los Angeles County -- but after a major consolidation drive, there are now only 16 left. There have been a couple of changes from last year. In June 2000, First Federal savings & Loan Association of San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. was acquired by IndyMac Mortgage, a pure mortgage lender which subsequently converted to a thrift. With the change, the company now known as IndyMac Bancorp became the largest S&L in Los Angeles County. In November 1997 members of the Kaiser Permanente Credit Union voted to convert to a mutual savings association. With that change now effective, Kaiser Federal debuts on the list at No. 12. Today, the differences between banks and thrifts are mostly academic because S&Ls offer almost all of the services of banks. THE PACESETTER INDYMAC BANCORP INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . THE largest thrift in Los Angeles County has only been an S&L since July 1, 2000. IndyMac Bancorp Inc., formerly IndyMac Mortgage, began in 1985 as Countrywide Mortgage Investments Inc., a publicly traded mortgage real estate investment trust. The mortgage company's evolution into an S&L came after its acquisition of SGV SGV San Gabriel Valley (California) SGV Sycip, Gorres, Velayo & Co (CPAs) SGV Soil Guideline Values SGV Shane Global Village (English language school) SGV Self Guided Vehicle Bancorp Inc., parent company of First Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. of San Gabriel Valley. With assets of $5 billion, IndyMac is well ahead of last year's No. 1, First Federal Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. , whose current assets are a little over $4 billion. First Fed now falls to No. 2 on the list. Although IndyMac inherited nine branches with the SGV merger, the institution plans to concentrate mainly on building its Internet operations. Almost 80 percent of IndyMac's loan production volume is originated over the Internet, and company officials are predicting growth on the deposit side to come from the Internet as well. "We will make close to $100 million in profits this year and most Internet banks will make very little profit," said IndyMac CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael Perry. "We feel we have a pretty good story to tell and can execute it a lot better than others not headquartered here. We are creating jobs in California and others are destroying jobs in California. We think consumers are going to want to put their money in a bank (like ours)." |
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