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This is an old revision of this page, as edited by 96.94.225.197 (talk) at 02:39, 15 July 2023 (→Early years: state state saving and loan commissioner -> the California State Saving and Loan Commissioner (from citations)). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

For the defunct bank that operated in the midwestern U.S. until 2022, see Great Western Bank (1907–2022).
Great Western Financial
Great Western Bank
Company typePublic
NYSE: GWF (1955-1997)
IndustryBanking
Founded
  • 1887; 137 years ago (1887)[1] as Citizens Building & Loan in Santa Barbara[2][3]
  • 1925; 99 years ago (1925) as Great Western Building & Loan in Los Angeles[3]
DefunctJuly 1, 1997; 27 years ago (1997-07-01)
FateAcquired by Washington Mutual, now JPMorgan Chase.
HeadquartersChatsworth, California
Area served
California, Florida, Washington, Arizona, New York
Websitearchived official website

Great Western Bank (previously known as Great Western Savings & Loan) was a large retail bank that operated primarily in the Western United States. Great Western's headquarters were in Chatsworth, California. At one time, Great Western was one of the largest savings and loan in the United States, second only to Home Savings of America.[4] The bank was acquired by Washington Mutual in 1997 for $6.8 billion.

Great Western Bank was held by Great Western Financial Corporation ("GWFC"), a corporation organized under the laws of the state of Delaware that was traded on the New York Stock Exchange under the stock symbol "GWF".[5]

History

Early years

Great Western was founded in 1919 in California as a savings and loan association.[6][clarification needed]

Great Western can trace its lineage to the incorporation in 1925 of a savings and loan association called "Great Western Building and Loan Association" that was located in downtown Los Angeles and was founded by a group of immigrant investors from Czechoslovakia.[3] Seventeen years later, the company changed its name to "Great Western Savings and Loan Association" in 1942.[3] By January 1948 the company had its main office in downtown on Flower street and a branch office on Crenshaw.[7] The company opened a new building in 1956 at Crenshaw and Vernon to replace its previous branch on Crenshaw and to serve as its new headquarters.[8]

In 1955, Great Western Corp. was formed as a publicly owned holding company for Great Western Savings and Loan Association and its subsidiaries through the issuance of stock[9] and later changed its name to Great Western Financial Corp. the following year.[10][11] The stock began listing on the American Stock Exchange in 1957.[12]

Within five years, Great Western Financial acquired Bakersfield Savings (1956),[13] Santa Ana Savings (1956),[14] West Coast Savings of Sacramento (1957),[15] Guaranty Savings of San Jose (1958),[16] Central Savings of San Luis Obispo (1959),[17] and First Savings of Oakland (1959).[18] A change in the state law in 1965 allowed Great Western Financial to consolidate some of its separate saving and loan units. West Coast Savings and Guaranty Savings was merged into First Savings[19] and Santa Ana Savings into Great Western Savings,[20] leaving four separate S&L units and making its Great Western Savings unit the fourth largest S&L in the nation.[20]

The company later bought Santa Rosa Savings (1968)[21] and Safety Savings of south central Los Angeles (1969),[22] Belmont Savings of Long Beach (1969),[23] Citizens Savings of Santa Barbara (1969),[2] and Victory Savings of North Hollywood (1970).[24][25] Citizens Savings & Loan of Santa Barbara was founded in 1887, which Great Western later used as its foundation date.[2][3]

In 1969, California changed their savings and loan association branching law to permit statewide branching.[26] Prior to this change, branch offices were restricted to be within a 100-mile radius from their head office.[27][28] When the new law went into effect at the beginning of 1970, Great Western Financial promptly merged First Savings in Oakland (Northern California) and Central Savings in San Luis Obispo (Central California) into Great Western Savings (Southern California), to form a single statewide savings and loan operating unit with 33 offices.[29][30]

In 1970, Great Western acquired the financial troubled LFC Financial Corp. and its Equitable Savings subsidiary for $35 million worth exchange of stock. The acquisition made it the second largest savings and loan association in the country at that time.[31][32] To satisfy federal anti-trust concerns, Great Western was required to sell 2 offices to State Mutual Savings (a subsidiary of Far West Financial Corp.) and 1 office to Home Federal Savings of San Diego.[33] The company received some financial assistance in the acquisition from the FSLIC.[34]

In March 1971, the company acquired Sentinel Savings of San Diego.[35][36]

In September 1971, Great Western Financial asked the California State Saving and Loan Commissioner for his permission to allow the merger of Great Western Savings of Southern California, Great Western Savings of Central California, Great Western Savings of San Diego, Great Western Savings of Santa Barbara, and Great Western Savings of North Hollywood into its main subsidiary, Great Western Savings & Loan Association.[37][38]


In 1970 and 1971, Great Western purchased four additional California savings and loan establishments.

1980s-1990s

In the aftermath of the savings and loan crisis of the 1980s and 1990s, Great Western acquired many failed savings and loan offices from the Resolution Trust Corporation.

In December 1985, Great Western moved some administrative functions into a building that it partially owns in Chatsworth.[39]

In October 1989, Great Western announced that they plan to move their headquarters to a yet to be built 10-story executive office building on a 20-acre site in Chatsworth that is adjacent to an existing nine-building service center with plans of selling their current Beverly Hills headquarters building.[40] Great Western finally moved out of their Beverly Hills headquarters to their new headquarters in Chatsworth in May 1992.[41]

In September 1993, Great Western announced that they were selling its Visa credit card operations to Associates Corporation of North America, part of the Ford Financial Services Group, which issues credit cards through Associates National Bank in Delaware.[42]

On January 17, 1994, Great Western's administrative campus in Chatsworth, California was particularly affected by the Northridge earthquake.[43] Despite the quake, that year's profits quadrupled, thanks to the need for lower loss reserves and the gain on the sale of its 31 branches on Florida's Gulf Coast.

In 1995, Great Western's chairman James Montgomery passed the office of CEO to president John Maher, who accelerated the drive toward banking services.

In 1996, the company announced a $115 million restructuring program that would eliminate 800 jobs, consolidate mortgage banking branches, and install new technology.[44] Later that year, Great Western sold its student loan business to Crestar Bank.[45][46]

Expansion in California

In January 1982, Great Western announced the pending acquisition of Palo Alto-based Northern California Savings & Loan Association with its 61 offices for $61 million in stock.[47][48] The acquisition was completed in August 1982.[49]

In August 1986, Great Western announced the pending acquisition of 119 out 136 Southern California branch offices of the failed San Diego-based HomeFed Bank from the Resolution Trust Corporation for $151 million.[50][51]

In October 1986, American Savings, a unit of Financial Corp. of America, announced that they were purchasing 13 offices plus the deposits of two offices that were being closed from Great Western for an undisclosed amount. All of the affected branch offices were located in Northern California.[52][53]

In March 1991, Great Western announced the pending acquisition of the deposits and 28 branches of the failed Irvine-based Lincoln Savings and Loan Association from the Resolution Trust Corporation for $12.1 million.[54][55]

In November 1991, Great Western announced the pending acquisition of five offices of the Woodland Hills-based Republic Federal Savings & Loan for an undisclosed amount.[56] The acquisition was completed in March 1992.[57]

In June 1994, Citicorp announced that they were selling the deposits of six San Diego County branches of Citibank, FSB, to Great Western Bank for an undisclosed amount.[58]

Expansion in Florida

Great Western made its first expansion outside of California in February 1986 by the announcement of the pending acquisition of the failed Jacksonville Beach-based Intercapital Savings Bank from the Federal Savings and Loan Insurance Corporation for $20.9 million.[59][60][61]

In August 1986, Great Western announced the pending acquisition of four offices in Broward County and Palm Beach County from the Miami-based Chase Federal Savings and Loan Association for an undisclosed amount.[62][63]

In September 1986, Great Western announced the pending acquisition of the Pensacola-based Southern Home Savings Bank for $25 million in stock.[64][65]

In December 1986, Great Western announced the pending acquisition of the Lake Worth-based SunPoint Savings Bank for $40 million in stock.[66] The acquisition was completed in July 1987.[67]

In July 1989, Great Western announced the pending acquisition of 63 out of 71 offices of the Miami-based CenTrust Bank for $150 million in cash. The pending acquisition represented $2.4 billion in CenTrust deposits.[68] But the ailing bank was seized by Office of Thrift Supervision in February 1990 for "unsafe and unsound financial condition",[69] before regulator approval could be obtained that would allow the sale to proceed. After negotiating with the Resolution Trust Corporation, Great Western paid the RTC $86 million in June 1990 for all 71 branch offices and $2.1 billion of failed CenTrust's $5.2 billion in deposits.[70] Centrust's failure was the largest savings and loan failure at that time and it had cost the taxpayers $1.7 billion to protect its depositors.[71]

In June 1990, Great Western announced the pending acquisition of the 13 out of 24 Florida offices of the ailing New Jersey-based Carteret Savings Bank for $26.5 million.[72][73] The acquisition was completed in October 1990.[74] The remainder of Carteret failed and was seized by Federal regulators in December 1992.[75]

Also in June 1990, Great Western announced the pending acquisition of the 18 Florida branch offices with $700 million in deposits of the failed California-based Gibraltar Savings from the Resolution Trust Corporation for $3.75 million.[71][76]

In September 1990, Great Western announced the pending acquisition of 27 Florida offices of the failed New Jersey-based City Federal Savings Bank from the Resolution Trust Corporation for $9.75 million.[77]

In March 1991, Great Western announced the pending acquisition of all 33 offices of the failed Clearwater-based Pioneer Savings Bank from the Resolution Trust Corporation for $5.25 million.[78][79]

In October 1991, Great Western announced the pending acquisition of the deposits and 23 offices of the failed Orlando-based The First FA from the Resolution Trust Corporation for $23.4 million.[80][81]

In March 1992, Great Western announced the pending acquisition of the deposits of $1.8 billion and the 53 branch offices of the failed Orlando-based AmeriFirst Federal Savings Bank from the Resolution Trust Corporation for $27.5 million.[82][83] Some of the acquired offices were closed due to close proximity existing Great Western branch offices.

In August 1994, Great Western announced that it was selling 31 branches in the western portion of the state of Florida, which included Tampa-St. Petersburg, to First Union for $75 million to focus on other parts of Florida.[84]

Expansion in Arizona

Great Western made its first expansion into the state of Arizona in June 1987 by announcing the pending acquisition of the Phoenix-based First Commercial Savings & Loan Association for $17 million in cash.[85] The acquisition was completed in January 1988.[86]

Expansion in Washington

Great Western made its first expansion into the state of Washington in July 1987 by announcing the pending acquisition of the similar named Bellevue-based Great Western Savings Bank for $52.3 million.[87][88] The acquisition was completed in February 1988.[89]

In June 1989, Great Western announced that it was selling its six Spokane branch offices to Washington Trust Bank of Spokane for undisclosed amount.[90] This move represented Great Western's withdraw from Eastern Washington state.

Three years later, Great Western finally exited the state of Washington by announcing in September 1992 that Great Western would swap its entire 13 branch offices in Washington for Seattle-based Pacific First's entire seven offices in Southern California.[91][92][93]

Expansion in New York

Great Western made its first and only expansion into the state of New York in September 1987 by announcing the opening a New York state chartered savings bank in the city of White Plains that was able to accept consumer deposits and issue consumer loans, but unable to make commercial loans.[94][95]

Unfortunately, Great Western was unable to expand further into the New York City metropolitan area and it quietly sold its only New York area office to Chemical Bank in 1990.[96]

Acquisition by Washington Mutual

In early 1997 California thrift H. F. Ahmanson & Co. launched a hostile takeover bid for the company, but Washington Mutual's friendly offer won out later that year. Ironically, in 1998 Washington Mutual acquired Ahmanson for $10 billion. In 2008, it became part of JPMorgan Chase.

Advertising

In 1971, the company adopted the GW "brand" while it consolidated its many savings units into one subsidiary.[97]

Celebrity spokespersons

In October 1977, actor John Wayne filmed the first of several television commercials that he recorded over the next year for Great Western.[98] In August 1978, Wayne, in full western garb, filmed the most famous of his commercials for the bank in the Sequoia National Forest.[99]

After Wayne's death in 1979, Great Western went through a number of celebrity spokespersons including Ben Johnson, Glenn Ford, Barbara Stanwyck, Maureen O'Hara and John Huston[41][100][101] before settling on Dennis Weaver who became their main spokesman from 1982[102] until 1996.[103] The tagline of the bank's advertising campaign during this time was "We'll Always Be There".[104]

John Wayne statue

As a tribute to their most notable celebrity spokesman, Great Western commission in 1984 a full-sized bronze statue of the actor John Wayne by noted American western-motif sculptor Harry Jackson to stand in front of their then Beverly Hills headquarters at 8484 Wilshire Boulevard.[105][106] The building was later sold after the company relocated their headquarters to Chatsworth in 1992. Magazine publisher Larry Flynt later obtained the building and statue in 1994.[107]

Naming rights and sponsors

The Great Western Forum as shown in 1997

The Forum, an indoor arena in Inglewood, California, famous as the former home of the Los Angeles Lakers and Los Angeles Kings, was known as the "Great Western Forum" from 1988 to 2003. This name came from Great Western S&L, which paid for the naming rights on the arena in 1988.[108] While naming rights to sports arenas and stadiums are now commonplace, such a thing was quite rare at the time of the deal. The name still remained for six years after Great Western had ceased to exist, with Washington Mutual letting the clock run on the deal without re-branding the arena as its teams departed. The 15-year naming rights contract expired in 2003, and the Great Western name was slowly removed from the arena; the last vestige, a weathered "GW" logo which painted atop the roof to attract the attention of passengers departing and arriving on planes from Los Angeles International Airport, was removed when the arena was renovated under new ownership in 2013.[citation needed][original research?] Chase Bank, the direct successor to Great Western after subsuming Washington Mutual's assets, became the sponsor of the Forum from 2014[109] until 2022 when Kia purchased the naming rights.[110]

References

  1. ^ "Get the Great Western feeling". Los Angeles Times. April 5, 1972. p. 23. ProQuest 156910287. our record of absolute safety since 1887...
  2. ^ a b c "Great Western Agrees to Buy Citizens S&L". Los Angeles Times. July 23, 1969. p. B19. ProQuest 156281897.
  3. ^ a b c d e "History of Great Western". Great Western Financial. Archived from the original on 1997-01-19.
  4. ^ Apodaca, Patrice (February 19, 1996). "Banking on It : Great Western Strives to Overcome Its Thrift Restrictions". Los Angeles Times.
  5. ^ "Shareholders approve WAMU merger with Great Western Financial". Portland Business Journal. June 16, 1997.
  6. ^ "Great Western Financial Corporation - 1959". scripophily.net. Retrieved 2008-09-18.
  7. ^ "Great Western Savings ad". Los Angeles Times. January 9, 1948. p. 8. ProQuest 165800821.
  8. ^ "New Savings and Loan Office Building Opens". Los Angeles Times. January 6, 1956. p. 6. ProQuest 166881527.
  9. ^ "Stock Offering is filed". New York Times. August 2, 1955. p. 33. ProQuest 113281786.
  10. ^ "Great Western Changes Name". Wall Street Journal. May 18, 1956. p. 7. ProQuest 132267913.
  11. ^ "Great Western Operation OKd [sic]". Los Angeles Times. June 8, 1956. p. 25. ProQuest 166966647.
  12. ^ "Financial Concern Is Listed". New York Times. December 6, 1957. p. 19. ProQuest 114303897.
  13. ^ "Sales and Mergers". Los Angeles Times. February 21, 1956. p. 44. ProQuest 113517482.
  14. ^ "Great Western Financial Buys Santa Ana Savings". Los Angeles Times. December 8, 1956. p. A6. ProQuest 166965991.
  15. ^ "Great Western Buys Sacramento Saving-Loan Unit". Los Angeles Times. January 24, 1957. p. B8. ProQuest 167010361.
  16. ^ "San Jose Unit to Great Western". Los Angeles Times. October 29, 1958. p. 25. ProQuest 167399378.
  17. ^ "Great Western in Acquisition". Los Angeles Times. March 25, 1959. p. C8. ProQuest 167495546.
  18. ^ "Great Western Financial Buys Oakland S and L". Los Angeles Times. August 25, 1959. p. 23. ProQuest 167554556.
  19. ^ "S&L Merger Will Create 4th Largest". Los Angeles Times. December 27, 1965. p. B8. ProQuest 155329062.
  20. ^ a b "Fourth Largest S&L Is Created". Los Angeles Times. December 28, 1965. p. B5. ProQuest 142477027.
  21. ^ "S&L Firm Acquired by Great Western". Los Angeles Times. April 22, 1968. p. B10. ProQuest 155877648.
  22. ^ "Seeking Safety S&L: Great Western Financial to Bolster Its Negro Business". Los Angeles Times. June 24, 1969. p. B13. ProQuest 156216874.
  23. ^ Sederberg, Arelo (June 27, 1969). "Great Western to Buy Belmont S&L for $35.9 Million". Los Angeles Times. p. C13. ProQuest 156229004.
  24. ^ "B.H. Firm Will Acquire Victory S&L". Los Angeles Times. September 11, 1969. p. D18. ProQuest 156300316.
  25. ^ "S&L Purchase OKd". Los Angeles Times. May 29, 1970. p. E13. ProQuest 156456143.
  26. ^ Bush, Thomas W. (February 23, 1969). "Big S&Ls Gulping the Smaller Ones: History Repeats as Amended Act Relaxes Barrier". Los Angeles Times. p. I1. ProQuest 156108670.
  27. ^ "Big Changes Near In Savings Group: California Associations Ask Statewide Operations". New York Times. April 7, 1969. p. 61. ProQuest 118514278.
  28. ^ "Savings Gripped By Merger Mania: Western Concerns Prepare for Future Branching". New York Times. February 24, 1969. p. 49. ProQuest 118637824.
  29. ^ "Great Western Financial Says S&L Tie Is Approved". Wall Street Journal. December 31, 1969. p. 11. ProQuest 133356597.
  30. ^ "Now $1.6 Billion Strong". Los Angeles Times. January 5, 1970. p. 14. ProQuest 156426657.
  31. ^ Wood, Robert E. (October 9, 1970). "LFC Financial Corp. to Merge With Great Western Financial". Los Angeles Times. p. 1. ProQuest 156574912.
  32. ^ "LFC, Great Western Merge". Wall Street Journal. December 23, 1970. p. 22. ProQuest 133527476.
  33. ^ "Great Western Agrees to Sell 3 S&L Offices". Los Angeles Times. December 1, 1970. ProQuest 156624804.
  34. ^ Lawrence, John F. (March 3, 1971). "Great Western Over Initial Merger Shock". Los Angeles Times. p. F16. ProQuest 156715749.
  35. ^ "Great Western Financial agreed to acquire Sentinel Savings & Loan". Los Angeles Times. August 11, 1970. p. E8. ProQuest 156481385.
  36. ^ "Briefly Told". Los Angeles Times. March 30, 1971. p. E8. ProQuest 156654953.
  37. ^ "Great Western Financial Seeks to Consolidate S&Ls". Wall Street Journal. September 3, 1971. p. 9. ProQuest 133592601.
  38. ^ "Great Western S&L asked permission to combine its six units into one". Los Angeles Times. September 2, 1971. p. G13. ProQuest 156846474.
  39. ^ "Great Western Signs Lease for Chatsworth Building". Los Angeles Times. December 8, 1985.
  40. ^ Medearis, John (October 26, 1989). "Great Western to Move Home to San Fernando Valley". Los Angeles Times.
  41. ^ a b Apodaca, Patrice (June 9, 1992). "S & L Happy to Be a Homebody : Great Western: Disdaining flashier investments in favor of mortgage loans has helped it amass a record net income of $298 million". Los Angeles Times. The parent of Great Western Bank, which last month moved its headquarters from Beverly Hills to Chatsworth, has long promoted an image of sturdiness and reliability. In its Western-themed television commercials, first with John Wayne, now with Dennis Weaver, Great Western has presented itself as a good old-fashioned lender, a rock of stability ready to ride to the rescue of the beleaguered consumer... And with good reason: In 1991, Great Western's net income more than doubled to a record $298 million, making it the nation's most profitable savings and loan... With $39.6 billion in total assets, Great Western is now the nation's second largest thrift, behind H. F. Ahmanson, the Los Angeles parent of Home Savings of America. Great Western has 1,118 retail banking, mortgage lending and consumer finance offices in 31 states, and is among the largest financial institutions in both California and Florida... But while Great Western certainly looks good compared to the rest of the thrift industry, it didn't totally escape the mistakes of the past decade...With Great Western remaining on relatively firm ground, the thrift has had lots to brag about lately in its TV commercials. But financial stability is a theme that Great Western has used since the first John Wayne spots were aired in the mid-1970s.
  42. ^ Kraul, Chris (September 14, 1993). "Great Western to Sell Credit Card Operation to Ford Unit : Thrifts: Its 178,000 Visa accounts are too few to produce enough profit, the company says. The deal will result in 80 layoffs". Los Angeles Times.
  43. ^ Lee, Don (January 21, 1994). "EARTHQUAKE: THE LONG ROAD BACK : Valley Firms Struggle to Resume Operations : Aftermath: With quake cleanup under way, Packard Bell's plans to relocate out of state are put on hold". Los Angeles Times.
  44. ^ Stavro, Barry (December 3, 1996). "Great Western Announces Sweeping Plan to Cut Costs: Thrifts: Moves include laying off 800 employees and selling delinquent mortgages to bring expenses into line". Los Angeles Times.
  45. ^ "Crestar Is Purchasing Student Loan Business". New York Times. November 28, 1996.
  46. ^ "Crestar to Buy Great Western Portfolio". Los Angeles Times. November 28, 1996.
  47. ^ "Great Western Financial to Buy S&L in California". Wall Street Journal. January 20, 1982. p. 12. ProQuest 134759465. Great Western Financial Corp. said it agreed to acquire Northern California Savings & Loan Association for about $61 million in Great Western common stock... Northern California Savings, which is based in Palo Alto, has assets of about $2 billion.
  48. ^ Byron, Doris A. (January 20, 1982). "Great Western Plans to Acquire Big S&L in Northern California". Los Angeles Times. p. OC_C1. ProQuest 152992550. Great Western Savings & Loan Assn. has reached an agreement to acquire one of Northern California's largest savings and loan associations for stock worth more than $60 million, the firms said Tuesday. The merger with Palo Alto-based Northern California Savings & Loan Assn. will give Beverly Hills-based Great Western $12.6 billion in assets, second-highest in the nation. It also will give Great Western 183 offices, more than any other Callfornia S&L.
  49. ^ "Great Western Financial". Wall Street Journal. August 3, 1982. p. 10. ProQuest 134724526. Great Western Financial Corp. said it completed its acquisition of Northern California Savings & Loan Association which will be operated as part of Great Western Financial's Great Western Savings unit. Acquisition of Northern California Savings adds 61 offices to Great Western's operations, bringing its number of branches to 190.
  50. ^ "HomeFed's Branch Sale". New York Times. 1993-12-04. Retrieved 2008-09-27.
  51. ^ Kraul, Chris & Rosenblatt, Robert A. (December 1, 1993). "Great Western Expected to Buy Most of Homefed". Los Angeles Times.
  52. ^ "American Savings agreed to buy 13 more offices". Los Angeles Times. October 4, 1986. The large savings and loan said it will acquire the 13 branch offices, which are located in Northern California, as well as deposits of about $570 million from Great Western Savings. The total deposits being sold also include accounts at two additional Great Western branch offices in Paradise and Yuba City, Calif., both of which will be closed, a Great Western spokesman said.
  53. ^ "Unit of Financial Corp. Of America to Acquire More Offices, Deposits". Wall Street Journal. October 6, 1986. p. 1. ProQuest 398005201. Financial Corp. of America said its thrift unit reached a tentative agreement with Great Western Savings to acquire the deposits and offices of 13 Great Western savings branches and the deposits of two additional branches. Terms weren't disclosed. The company said, however, that the transaction would increase deposits at the unit, American Savings & Loan Association, about $570 million.
  54. ^ Granelli, James S. & Bates, James (March 9, 1991). "Great Western Acquires Failed Lincoln S&L". Los Angeles Times.
  55. ^ Stevenson, Richard W. (March 9, 1991). "Acquisition Of Lincoln's Branches Set". New York Times. p. 29.
  56. ^ "Banking". Los Angeles Times. November 23, 1991.
  57. ^ "Great Western Completes Republic Assets Purchase". Los Angeles Times. March 24, 1992.
  58. ^ "Banking & Finance". Los Angeles Times. June 21, 1994. Last week, the Citicorp unit said it will sell the deposits of six San Diego County branches to Great Western Bank.
  59. ^ Edwards, John G. (February 18, 1986). "Chase Buys S&l To Enter Florida Market". Fort Lauderdale Sun Sentinel. In a separate development, Beverly Hills, Calif.-based Great Western Savings paid $20.9 million for Intercapital Savings Bank of Jacksonville Beach and will open the thrift under its management today. Intercapital Savings is the first out-of-state S&L to be acquired by Great Western, the third largest S&L in the country.
  60. ^ "Great Western Buys Failed S&L's Deposits To Expand to Florida". Wall Street Journal. February 18, 1986. p. 1. ProQuest 397976212. Great Western Savings, a unit of the holding company, acquired $69 million in insured deposits of Intercapital Savings Bank, Jacksonville Beach, Fla., from regulators for $20.9 million... Great Western Savings will operate the Florida thrift as a branch, the holding company said. The Bank Board allows thrifts to expand outside their home states by acquiring troubled thrifts.
  61. ^ Furlong, Tom (February 15, 1986). "Great Western Acquires Failed S&L in Florida". Los Angeles Times. p. 1. ProQuest 292268074. Great Western Savings, marking its first retail branch expansion outside California, Friday acquired the deposits of a failed savings and loan in northern Florida for $20.9 million. Great Western said it agreed to assume an estimated $66 million in insured deposits from Intercapital Savings Bank, a one-office S&L in Jacksonville Beach. The Florida financial institution was seized by savings and loan regulators Friday afternoon. The acquisition gives Beverly Hills-based Great Western, one of the nation's largest savings and loans, a beachhead in the lucrative Florida retall banking market that it will use to open "dozens" of branches throughout the state, a Great Western spokesman said... Savings and loans are allowed to open retail branches in other states only when they agree to take over failed institutions in those states. Several of California's largest savings and loan companies already have extensive branch operations in Florida. The Federal Savings & Loan Insurance Corp. was installed as receiver for the nearly $75 million in assets of Intercapital Savings, which was declared insolvent because of "unsafe and unsound" business practices, regulators said.
  62. ^ "Savings Unit Deal". New York Times. August 27, 1986.
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  64. ^ "Great Western Financial Corp. plans to buy..." Orlando Sentinel. September 15, 1986.
  65. ^ "California S&L Plans To Buy Florida Thrift". Wall Street Journal. September 9, 1986. p. 1. ProQuest 398086381. Great Western Financial Corp. said it signed a letter of intent to buy Southern Home Savings Bank, Pensacola, Fla., for about $25 million in Great Western stock.
  66. ^ Edwards, John G. (December 16, 1986). "California Thrift Seeks Sunpoint". Fort Lauderdale Sun Sentinel. Great Western Savings, a $25 billion-asset thrift based in Beverly Hills, Calif., on Monday announced plans for its biggest acquisition yet in Florida, SunPoint Savings Bank of Lake Worth. SunPoint Savings, a 49-year-old institution formerly known as First Federal Savings and Loan Association of Lake Worth, has $730 million in assets and 18 branches in Palm Beach, Broward, St. Lucie and Martin counties.
  67. ^ "Great Western Acquires Bank". Wall Street Journal. July 1, 1987. p. 1. ProQuest 397992984. Great Western Financial Corp. said its Great Western Bank unit completed the acquisition of SunPoint Savings Bank, Lake Worth, Fla., and is converting SunPoint's 18 branches into offices of Great Western Bank.
  68. ^ Brooks, Nancy Rivera (July 18, 1989). "Great Western Buys 63 Florida Branches of CenTrust Bank". Los Angeles Times.
  69. ^ Kelley, Lane (February 3, 1990). "U.S. Regulators Seize Troubled Centrust Bank". Fort Lauderdale Sun Sentinel.
  70. ^ Talley, Jim (June 30, 1990). "Great Western Buys Centrust". Fort Lauderdale Sun Sentinel.
  71. ^ a b Bates, James (June 30, 1990). "Great Western Deal for Florida S&L Is Biggest U.S. Bailout". Los Angeles Times.
  72. ^ "Great Western Buys Branches". New York Times. June 19, 1990. The Great Western Financial Corporation, parent company of the Great Western Bank, said today that it had agreed to acquire 13 branches and $700 million in deposits from Carteret Savings Bank in Florida... Carteret, a New Jersey savings and loan company owned by the Ambase Corporation, will retain 10 Florida branches.
  73. ^ Talley, Jim (June 19, 1990). "Carteret To Sell Off 13 Offices Great Western Deal Set At $26.5 Million". Fort Lauderdale Sun Sentinel. Great Western Financial said on Monday that its thrift subsidiary will pay $26.5 million to Carteret Savings for $700 million in deposits and 13 branch offices Carteret has in South Florida. The transaction removes Carteret, based in Morristown, N.J., from the hot Palm Beach County financial market and bolsters Great Western's position in that county and in Florida... Great Western plans to close four of the Carteret branches in Palm Beach County... After the transaction, Carteret still will have 11 retail offices in Florida.
  74. ^ "Business Brief -- Great Western Financial Corp.: Bank Completes Acquisition Of Carteret Deposits, Offices". Wall Street Journal. October 10, 1990. ProQuest 398277234. Great Western Bank of Beverly Hills, the principal unit of Great Western Financial Corp., said it completed its acquisition of the deposits and certain Florida offices of Carteret Savings Bank.
  75. ^ Gilpin, Kenneth N. (December 5, 1992). "Regulators Seize Carteret Savings". New York Times.
  76. ^ Stevenson, Richard W. (June 30, 1990). "U.S. Sells Centrust for $86 Million". New York Times.
  77. ^ "Largest S&L in New Jersey Dismantled". Los Angeles Times. September 23, 1990.
  78. ^ Kuhn, Brad (March 2, 1991). "Great Western Takes Over Pioneer Bank". Orlando Sentinel. California's Great Western Bank continued its Florida shopping spree Friday by snapping up the 33 offices of failed Pioneer Savings Bank for $5.25 million - its fifth Florida purchase in eight months.
  79. ^ Levy, Adam S. (March 2, 1991). "Great Western acquires Pioneer". Tampa Tribune. p. 1. Great Western Bank acquired insolvent Pioneer Federal Savings Bank from federal regulators after submitting the sole bid for the Clearwater-based thrift. Great Western, based in Beverly Hills, Calif., paid $5.25 million for more than $950 million in deposits and 33 branches - "a steal," analysts said. In the process, Great Western steps up its presence in the battle for dominance in Florida. Great Western, the state's sixth-largest financial institution and the largest thrift, now has $7 billion in assets and 149 branches in the state.
  80. ^ Kuhn, Brad (October 11, 1991). "Great Western To Take Over Orlando's Oldest Savings And Loan". Fort Lauderdale Sun Sentinel. Great Western Bank, the giant California savings and loan that has adopted Florida as a second home, will take over The First F.A. as soon as today, people familiar with the deal said on Thursday.
  81. ^ Kuhn, Brad (October 12, 1991). "Feds Take Over, Sell The First F.A.: Great Western Pays $23 Million For Orlando's Largest S&l". Orlando Sentinel.
  82. ^ Talley, Jim (March 21, 1992). "Government Sells Rest Of Amerifirst To Great Western". Fort Lauderdale Sun Sentinel.
  83. ^ Bates, James (March 21, 1992). "Great Western Bargains for Another Florida Thrift". Los Angeles Times.
  84. ^ Myers, David W. (August 16, 1994). "Great Western Sells Branches in W. Florida : Banking: It's giving up operations in that part of the Sunshine State to focus its efforts elsewhere". Los Angeles Times.
  85. ^ "Great Western Financial to Acquire Arizona S&L". Los Angeles Times. June 10, 1987.
  86. ^ "Merger Completed". Arizona Republic. January 28, 1988. p. 25 – via Newspapers.com. Great Western Financial Corp. of Beverly Hills, Calif., has completed the merger of First Commercial Savings and Loan Association of Phoenix into Great Western Bank. The price was $17 million in cash.
  87. ^ "Great Western Financial Accord". New York Times. July 29, 1987. The Great Western Financial Corporation said it had entered into a definitive agreement to acquire for $52 million, or $19.80 in cash or stock, the Great Western Savings Bank of Bellevue, Wash., which has 19 branches and assets of $750 million.
  88. ^ "Great Western Financial to Acquire Thrift in Northwest". Wall Street Journal. July 29, 1987. p. 1. ProQuest 398076909. Great Western Financial Corp. said it agreed to acquire Great Western Savings Bank of Bellevue, Wash., in a transaction valued at about $52.3 million. Great Western Financial, parent of the nation's third-largest thrift, said the acquisition would allow it to enter the Pacific Northwest market. Great Western Savings operates 19 branches and five loan offices in Washington.
  89. ^ "Briefly". Los Angeles Times. February 27, 1988. p. 2. ProQuest 292814469. Great Western Financial Corp. of Beverly Hills announced it has completed the acquisition of Great Western Savings Bank of Bellevue, Wash., marking Great Western Financial's entry into the Pacific Northwest.
  90. ^ "Great Western to Sell Spokane Units". Los Angeles Times. July 3, 1989. Great Western Financial Corp. of Beverly Hills said today that its Great Western Bank of Bellevue, Wash., signed a preliminary agreement under which it will sell its six Spokane retail banking branches to Washington Trust Bank of Spokane. Terms were not disclosed.
  91. ^ "Banking & Finance". Los Angeles Times. September 9, 1992. Great Western, Pacific First Bank to Swap Some Branches: Great Western Financial Corp. said it tentatively agreed to swap certain branches and assets with Seattle-based Pacific First Bank. Through the exchange, Great Western will pick up 10 Pacific First branches in Southern California plus about $445 million in deposits. Pacific First will get 14 Great Western branches in the Seattle area and $385 million in deposits.
  92. ^ "GW, Pacific First Trade Branches". Seattle Times. November 12, 1992.
  93. ^ "Business Brief -- Great Western Financial Corp.: Final Terms Are Reached On Pacific First Branch Swap". Wall Street Journal. November 13, 1992. p. B6. ProQuest 398306546. Great Western Financial Corp., Chatsworth, Calif., and Pacific First Bank, Seattle, struck definitive terms for a previously announced branch swap. Great Western will take over seven Pacific First branches in Southern California with $426 million in deposits. Pacific First, which is being acquired by Washington Mutual Savings Bank from Royal Trustco Ltd. of Toronto, will take over 13 Great Western branches in Washington state with deposits of $363 million.
  94. ^ "Business Brief: Great Western Financial Corp". Wall Street Journal. September 22, 1987. p. 1. ProQuest 398122762. Great Western Financial Corp. said its Great Western Bank unit opened a retail banking operation in White Plains, N.Y... The financial services company, based in Beverly Hills, Calif., said the New York bank would take consumer deposits and write consumer loans. The bank will not be allowed to make commercial loans.
  95. ^ Singer, Penny (July 17, 1988). "County's Savings Banks Still Profitable". New York Times.
  96. ^ Philippidis, Alex (June 16, 1997). "Chase Manhattan's White Plains building sparks cultural interest". Westchester County Business Journal. Vol. 36, no. 23. p. 9. ProQuest 200316476. Not set to close soon are Chase's other branches in White Plains. They are at 584 North Broadway and 1214 Mamaroneck Ave. The bank switched its White Plains flagship branch to 191 Mamaroneck Ave. because it opens onto a city-owned parking lot, allowing customers to park easily, and because it has a "commercial relationship" loan manager stationed there unlike the old flagship, Gilbert-Biro said. The new flagship branch has undergone a half-million-dollar renovation that has included a second ATM, an 11th teller position and a new bankers' "platform" for six officers. The renovation was the third for the 7,200-square-foot branch since Chemical took it over from Great Western in 1990.
  97. ^ "How Much Time Does It Take to Burn In a 'Name' Brand?". Los Angeles Times. December 27, 1971. p. D10. ProQuest 156823001.
  98. ^ "Great Western Savings Commercial featuring John Wayne - 1977". TELEVISIONARCHIVES. April 22, 2008. Archived from the original on 2021-12-21. Retrieved 2010-09-24 – via YouTube.
  99. ^ "Great Western Savings Commercial featuring John Wayne - 1978". TELEVISIONARCHIVES. July 6, 2009. Archived from the original on 2021-12-21. Retrieved 2010-09-24 – via YouTube.
  100. ^ Hollie, Pamela G. (October 15, 1979). "Stars Shine in Savings Ads". New York Times.
  101. ^ Horovitz, Bruce (June 12, 1990). "Advertising Must Go On, Even When the Celebrity Spokesman Can't". Los Angeles Times.
  102. ^ Cannon, Carl (June 10, 1982). "Great Western Ads to Star Dennis Weaver". Los Angeles Times. p. I1. ProQuest 153147913. Great Western Savings & Loan Assn. has decided to drop its "interim" advertising campaign featuring actors Glenn Ford, Barbara Stanwyck, John Huston, Maureen O'Hara and Ben Johnson.
  103. ^ Apodaca, Patrice (July 30, 1996). "Great Western to Try Horse of Different Color: Advertising: The S & L will soon trot out a campaign that does away with the cowboy image portrayed by Dennis Weaver--and John Wayne before him". Los Angeles Times.
  104. ^ Furlong, Tom (December 3, 1985). "Thrifts Split Over Advertising Approach". Los Angeles Times.
  105. ^ "John Wayne Statues". seeing-stars.com. Retrieved 2010-09-24.
  106. ^ Kamm, Henry (June 24, 1984). "John Wayne Rides Again". New York Times.
  107. ^ Hayden, Erik (May 15, 2013). "Larry Flynt Sells Hustler HQ Building for $89 Million". The Hollywood Reporter.
  108. ^ Adelson, Andrea (December 7, 1988). "Great Western's Name On Los Angeles Forum". New York Times.
  109. ^ Kudler, Adrian Glick (January 15, 2014). "Come Tour The Renovated And Revitalized Inglewood Forum". Curbed LA.
  110. ^ "The Forum in Inglewood is now named the 'Kia Forum'". Los Angeles Daily News. March 31, 2022.
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