Savings & loan associations.L.A. County-based; ranked by assets as of June 30, 1999 EXECUTIVE SUMMARY Of all the lists compiled by the Business Journal, the list 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. in L.A. County has probably seen the most changes over the past few years. After a furious wave of consolidation and a change of regulations that has prompted some thrifts to become banks, there are only 16 S&Ls left in L.A. County. The 16th, Westcoast Savings & Loan, might have made the list, but was not able to provide information in time. Last year's No. I thrift thrift: see leadwort. , Home Savings, was bought out by Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. Inc., and Glendale Federal Bank, second on the 1998 list, was acquired by the parent company of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Federal. Combined, the two institutions were responsible for roughly $70 billion in deposits. THE PACESETTER FIRST FEDERAL BANK First Federal Bank, L.A. County's biggest S&L, has 24 branch offices, six loan offices, 550 employees and total assets of $3.6 billion. Founded in 1929, the institution has recently started expanding its services to become less a traditional thrift and more a full-service community bank. "Our strategy is to stay small enough so that we are an alternative to all of the large mega-banks," said Babette Heimbuch, president and 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. . "There are enough people out there who do not want to deal with a big huge bank and would much rather deal with a community bank." First Federal is in the process of entering an agreement to purchase Professional Bancorp Inc., owner of First Professional Bank, which would increase the thrift's stability without, Heimbuch says, turning it into a huge, impersonal im·per·son·al adj. 1. Lacking personality; not being a person: an impersonal force. 2. a. Showing no emotion or personality: an aloof, impersonal manner. organization. "We call it niche banking," Heimbuch said. "We are there for people who don't want to fit into the big banking routine." While the thrift industry has experienced a strong year thanks to rising housing values, Heimbuch says it may be time for more caution in the mortgage lending business. "The concern that everyone has is that we have reached the top of the (housing) market," she said. [TABULAR tab·u·lar adj. 1. Having a plane surface; flat. 2. Organized as a table or list. 3. Calculated by means of a table. tabular resembling a table. DATA OMITTED] |
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