Glendale Federal Savings and Loan Association, later Glendale Federal Bank, was one of the nation's largest federally chartered savings and loan association during the 1980s. It was long based in Los Angeles suburb Glendale, California, at 401 Brand Boulevard. The Glendale Federal brand was retired in 1998 when Glendale Federal was merged into California Federal Bank via a reverse merger engineered by Ronald Perelman and Gerald J. Ford, the owners of California Federal via their privately-owned First Nationwide Holding Inc.
The institution was founded 1934 as the First Federal Savings and Loan of Glendale. [1]
In 1982, the S&L promoted itself simply as "Glendale Federal", dropping the "Savings and Loan Association" from its advertising and self-referencing. [2]
In 1983, the S&L changed from a mutual organization to a federal stock form of organization. [3] [ failed verification ]
Among the many other S&Ls that Glendale Federal acquired were: [4]
In 1988, it faced a federal probe on pay practices. [5]
By the early 1990s, Glendale Federal had started advertising as Glendale Federal Bank, although it continued operating as a savings and loan. [6]
In 1997, Glendale Federal Bank formed a holding company called Golden State Bancorp to allow it acquire other businesses. [7]
In a very complex business procedure known as a reverse takeover or reverse merger, businessmen Ronald Perelman and Gerald J. Ford engineered the takeover of Glendale Federal Bank and Golden State Bancorp in 1998 by having public-owned Golden State Bancorp purchase Perelman and Ford's privately-owned First Nationwide Holding Inc. for $2.5-billion in stock which gave First Nationwide Holding's board of directors control of the new merged holding company, the new holding company retained Golden State Bancorp name and history, but the new savings bank retained the California Federal Bank's name and brand. Most of the managers for the combined company came from First Nationwide Holding along with First Nationwide's San Francisco headquarters building being retained. The saving bank merger resulted in the third largest thrift in the nation with $51 billion in assets and have more than 400 branches in eight states with 280 of those branches in California. The merger also resulted in the elimination of 60 California Federal and Glendale Federal branches and 1,100 out of the 8,400 jobs. [1] [9] [10] [11] [12]
The Glendale Federal building at 9454 Wilshire Boulevard in Beverly Hills is a landmark, as is the 1959 Glendale headquarters, designed by Wenceslao Sarmiento. [13]
In 1991, Universal Animation Studios opened its offices in the building at 121 Lexington Drive, which is part of the Glendale Federal headquarters, while the main building remained vacant. The studio operated here until 2006, when it moved its offices into Universal City, and the building was bought by Hollywood Production Center. In early 2009, Hollywood Production Center also purchased the main building.[ citation needed ]
Washington Mutual, Inc—abbreviated to WaMu—was a savings bank holding company and the former owner of WaMu Bank, which was the United States' largest savings and loan association until its collapse in 2008.
East West Bank, the primary subsidiary of East West Bancorp, Inc., is the largest publicly traded bank headquartered in Southern California, United States. It was founded in 1973 in Los Angeles to serve the Chinese American community in Southern California. It is a premier bank focused exclusively on the United States and Greater China markets and operates over 120 locations in the U.S. and China, including in the markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In China, East West Bank's presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. Forbes magazine has recognized East West Bank as one of “America’s Best Banks” since 2010. In 2018, Forbes ranked East West Bank number five of "America's 100 Biggest Banks."
U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.
National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary National City Mortgage is credited for doing the first mortgage in America. The company operated through an extensive banking network primarily in Ohio, Illinois, Indiana, Kentucky, Michigan, Missouri, Pennsylvania, Florida, and Wisconsin, and also served customers in selected markets nationally. Its core businesses included commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management. The bank reached out to customers primarily through mass advertising and offered comprehensive banking services online. In its last years, the company was commonly known in the media by the abbreviated NatCity, with its investment banking arm even bearing the official name NatCity Investments.
The National Bank of Detroit (NBD), later renamed NBD Bank, was a bank that operated mostly in the Midwestern United States. Following its merger with First National Bank of Chicago, the bank was ultimately acquired and merged into Bank One, at which point the NBD name was discontinued. Today, what was once NBD is owned by JPMorgan Chase & Co.
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp is the largest financial services bank holding company headquartered in Indiana and one of the top 100 banking companies in the U.S. Its primary banking footprint is in Illinois, Indiana, Kentucky, Michigan, Minnesota, and Wisconsin.
Cathay Bank is an American bank founded in 1962.
Great Western Bank 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 nation, second only to Home Savings of America. The bank was acquired by Washington Mutual in 1997 for $6.8 billion.
H.F. Ahmanson & Co. was a California holding company named after millionaire Howard F. Ahmanson Sr. It was best known as the parent of Home Savings of America, once one of the largest savings and loan associations in the United States.
California Federal Bank, known as CalFed, was a savings bank headquartered in Los Angeles, California, at 5670 Wilshire Boulevard. It operated 352 branches, most of which were in California. In 2002, the bank was acquired by Citigroup.
MUFG Union Bank, is a nationally chartered full-service bank with 398 branches in California, Washington and Oregon which was wholly owned by MUFG Americas Holdings and has been acquired by U.S. Bancorp. Formerly known as Union Bank of California, N.A., the bank also has commercial branches in Dallas, Houston, New York City and Chicago, as well as two international offices. Headquartered in New York City, MUFG Union Bank, N.A. is a subsidiary of intermediate holding company, MUFG Americas Holdings Corporation, and a member of the Mitsubishi UFJ Financial Group.
Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.
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Rainier Bancorporation was the Seattle-based parent corporation of Rainier National Bank, a Washington state bank with branches throughout the state. Rainier traced its roots back to the National Bank of Commerce, which was founded by Richard Holyoke in 1889. The name Rainier National Bank was adopted in 1974. Rainier Bancorp expanded into Alaska with the purchase of Anchorage's People's Bank & Trust in 1983 and into Oregon with the purchase of Gresham's Mount Hood Security Bank in 1986, expanding further in Oregon in 1986 with the government-assisted purchase of Portland's failed Lincoln Savings & Loan Association.
The Dime Savings Bank of New York, originally the Dime Savings Bank of Brooklyn, was a bank headquartered in Brooklyn, New York City. It operated from 1859 to 2002.
Astoria Financial Corporation was a bank holding company based in Lake Success, New York. On October 2, 2017, the company was acquired by Sterling Bancorp.
Valley National Bank of Arizona was a bank based in Phoenix, Arizona, founded in 1900 and acquired by Bank One in 1992. The bank was one of Arizona's leading financial institutions during the 20th century and the last major independent bank in Arizona at the time of its acquisition.
American Savings and Loan Association was an American savings and loan based in Stockton, California. It was the largest thrift failure and the federal government's costliest resolution during the savings and loan crisis at an estimated cost of $5.4 billion.
Gibraltar Savings Association was a Houston, Texas based savings and loan. Its failure and resolution was one of the most expensive in the savings and loan crisis at an estimated cost of $2.875 billion.
Great American Bank was an American savings and loan association based in San Diego. It was founded in 1885 as San Diego Building and Loan Association, the first S&L in Southern California. Until the 1980s, it operated for decades as San Diego Federal Savings and Loan Association. Federal regulators seized and disbanded the bank in 1991. Before the company was split apart, Great American had 213 offices operating in California, Arizona, Washington, Montana, and Colorado.
In a move the firm touted as "one of the largest name changes in the history of the savings and loan industry," Glendale Federal Savings & Loan Assn. changed its name Monday. It became simply Glendale Federal. John Charnay, a spokesman for Glendale Federal (formerly Glendale Federal Savings & Loan Assn.) admitted that most Southern Californians probably won't notice the change. In fact, chances are, they've known Glendale Federal Savings & Loan Assn. as Glendale Federal for years.
Glendale Federal Bank said it plans to form a thrift holding company to give it more flexibility in buying back stock and making acquisitions. Shareholders of the thrift would swap one share for each share of the holding company, to be called Golden State Bancorp Inc... Under the reorganization, Glendale Federal would become a wholly owned subsidiary of Golden State... Glendale, one of California's largest thrifts with 165 branches and 25 loan offices, is frequently named by analysts as a takeover target for rivals looking to boost their share of the state's market... The company said its New York Stock Exchange trading symbol GLN will change to GSB after it wins approval for the holding company.