58.7 F
Los Angeles
Sunday, May 22, 2022

Executive Summary / The Pacesetter – Savings & Loans

Executive Summary

IndyMac Bancorp remains atop an ever-shrinking list of savings and loans based in Los Angeles.

Last year’s No. 4, People’s Bank of California, was acquired by the holding company of California National Bank and rolled into that institution. Del Amo Savings Bank, No. 15 last year, was acquired by FirstFed Financial Corp., parent to First Federal Bank of California, the second largest thrift in L.A.

The list will remain fluid, as First Fidelity Bank, at No. 4 this year, is also rolled up into California National next month. Both are units of FBOP Corp.

Consolidation trimmed the number of savings and loans based in L.A. to 14.

Asset and deposit growth slowed in the 12-month period ended June 30 to. 5.3 percent for the period, compared with 7.4 percent for the prior 12-month span.

Nicki Taylor

The Pacesetter

IndyMac Bancorp Inc.

IndyMac Bancorp Inc. is at the top spot among L.A.-based savings and loans for the third consecutive year. IndyMac reported close to $11 billion in assets as of June 30, a 1 percent decline from the 12-month period ended June 30, 2001.

IndyMac, originally a publicly traded real estate investment trust called Countrywide Mortgage Investments Inc., moved onto the S & L; scene when it acquired SGV Bancorp Inc., parent of First Federal Savings and Loan Association of San Gabriel Valley in July 2000.

Despite a decline in assets, IndyMac reported a 69 percent increase in earnings for the 12 months ended June 30, rising to $73 million from $43 million for the like period the year earlier.

The growth, said IndyMac Chief Executive Michael Perry, was due to the “low interest rates and mortgage rates not seen since the 1960s.”

Ninety percent of its mortgage volume is now generated via the Web. “The company was built with the Internet in mind and our products are easy to deliver over the Web,” Perry said.

Nicki Taylor

Featured Articles

Related Articles