Great Western Bank
Encyclopedia
Great Western Bank was a large consumer bank that operated primarily in the Western United States
. Great Western's headquarters were in Chatsworth, California. 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
.
as a Savings and Loan. In 1955, it was merged into a holding company, Great Western Financial Corp.
Within five years, Great Western acquired Santa Ana Savings (1956), West Coast Savings (Sacramento, 1957), Guaranty Savings (San Jose, 1958), Central Savings (San Luis Obispo, 1959), and First Savings (Oakland, 1959). The company later bought Santa Rosa Savings (1968) and Safety Savings (Los Angeles, 1969). In 1970 and 1971, GW purchased four additional California S&Ls.
In 1972, Great Western Financial combined them all into Great Western Savings.
filmed the first of several television commercials which he did over the next year for Great Western. In August 1978, Wayne, in full western garb, filmed the most famous of his commercials for the bank in the Sequoia National Forest
. A magnificent, full sized bronze statue of the actor still stands at 8484 Wilshire Boulevard
in front of the bank's former Beverly Hills
branch.
Starting in 1982, and up until 1996, Great Western retained actor Dennis Weaver
as its spokesman. The tagline of the bank's advertising campaign during this time was "We'll Always Be There". In late 1993, in the aftermath of the savings and loan crisis of the 1980s and 1990s
, Great Western acquired 119 Southern California branches of the failed HomeFed Bank from the Resolution Trust Corporation
.
. 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, GW'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. Later that year, GW sold its student loan business to Crestar Bank.
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 WaMu acquired Ahmanson for $10 billion.
In Florida, during the 1980s and 90s Great Western Bank acquired all or part of the following institutions, Centrust, The First FA, Sunpoint Savings Bank, Carteret Federal Savings, Pioneer Savings Bank, Gibraltar Savings, Goldome, Amerifirst Federal, Chase Federal, City Federal Savings and Intercontinental bank of Jacksonville Beach
, an 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" for several years. This name came from Great Western S&L, which paid for the naming rights
on the arena in 1988. The name still remained for several years though Great Western ceased to exist. The 15-year naming rights contract expired in 2003, and the Great Western name was finally removed in 2006.
Over ten years after the takeover, Great Western's logo is still visible in several places at their former headquarters in Northridge.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Great Western's headquarters were in Chatsworth, California. The bank was acquired by Washington Mutual
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
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
Delaware
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. It is bordered to the south and west by Maryland, and to the north by Pennsylvania...
.
History
Great Western was founded in 1919 in CaliforniaCalifornia
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
as a Savings and Loan. In 1955, it was merged into a holding company, Great Western Financial Corp.
Within five years, Great Western acquired Santa Ana Savings (1956), West Coast Savings (Sacramento, 1957), Guaranty Savings (San Jose, 1958), Central Savings (San Luis Obispo, 1959), and First Savings (Oakland, 1959). The company later bought Santa Rosa Savings (1968) and Safety Savings (Los Angeles, 1969). In 1970 and 1971, GW purchased four additional California S&Ls.
In 1972, Great Western Financial combined them all into Great Western Savings.
Celebrity Spokesmen
In October 1977, actor John WayneJohn Wayne
Marion Mitchell Morrison , better known by his stage name John Wayne, was an American film actor, director and producer. He epitomized rugged masculinity and became an enduring American icon. He is famous for his distinctive calm voice, walk, and height...
filmed the first of several television commercials which he did over the next year for Great Western. In August 1978, Wayne, in full western garb, filmed the most famous of his commercials for the bank in the Sequoia National Forest
Sequoia National Forest
Sequoia National Forest is located in the southern Sierra Nevada mountains of California. The U.S. National Forest is named for the majestic Giant Sequoia trees which populate 38 distinct groves within the boundaries of the forest....
. A magnificent, full sized bronze statue of the actor still stands at 8484 Wilshire Boulevard
Wilshire Boulevard
Wilshire Boulevard is one of the principal east-west arterial roads in Los Angeles, California, United States. It was named for Henry Gaylord Wilshire , an Ohio native who made and lost fortunes in real estate, farming, and gold mining. Henry Wilshire initiated what was to become Wilshire...
in front of the bank's former Beverly Hills
Beverly Hills, California
Beverly Hills is an affluent city located in Los Angeles County, California, United States. With a population of 34,109 at the 2010 census, up from 33,784 as of the 2000 census, it is home to numerous Hollywood celebrities. Beverly Hills and the neighboring city of West Hollywood are together...
branch.
Starting in 1982, and up until 1996, Great Western retained actor Dennis Weaver
Dennis Weaver
William Dennis Weaver was an American actor, best known for his work in television, including roles on Gunsmoke, as Marshal Sam McCloud on the NBC police drama McCloud, and the 1971 TV movie Duel....
as its spokesman. The tagline of the bank's advertising campaign during this time was "We'll Always Be There". In late 1993, in the aftermath of the savings and loan crisis of the 1980s and 1990s
Savings and Loan crisis
The savings and loan crisis of the 1980s and 1990s was the failure of about 747 out of the 3,234 savings and loan associations in the United States...
, Great Western acquired 119 Southern California branches of the failed HomeFed Bank from the Resolution Trust Corporation
Resolution Trust Corporation
The Resolution Trust Corporation was a United States Government-owned asset management company run by Lewis William Seidman and charged with liquidating assets, primarily real estate-related assets such as mortgage loans, that had been assets of savings and loan associations declared insolvent by...
.
Northridge earthquake
On January 17, 1994, GW's administrative campus in Chatsworth, California was particularly affected by the Northridge earthquakeNorthridge earthquake
The Northridge earthquake was a massive earthquake that occurred on January 17, 1994, at 04:31 Pacific Standard Time in Reseda, a neighborhood in the city of Los Angeles, California, lasting for about 10–20 seconds...
. 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, GW's chairman James Montgomery
James Montgomery
James Montgomery was a British editor, hymnwriter and poet. He was particularly associated with humanitarian causes such as the campaigns to abolish slavery and to end the exploitation of child chimney sweeps....
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. Later that year, GW sold its student loan business to Crestar Bank.
In early 1997 California thrift H.F. Ahmanson & Co. launched a hostile takeover
Takeover
In business, a takeover is the purchase of one company by another . In the UK, the term refers to the acquisition of a public company whose shares are listed on a stock exchange, in contrast to the acquisition of a private company.- Friendly takeovers :Before a bidder makes an offer for another...
bid for the company, but Washington Mutual
Washington Mutual
Washington Mutual, Inc. , abbreviated to WaMu, was a savings bank holding company and the former owner of Washington Mutual Bank, which was the United States' largest savings and loan association until its collapse in 2008....
's friendly offer won out later that year. Ironically, in 1998 WaMu acquired Ahmanson for $10 billion.
In Florida, during the 1980s and 90s Great Western Bank acquired all or part of the following institutions, Centrust, The First FA, Sunpoint Savings Bank, Carteret Federal Savings, Pioneer Savings Bank, Gibraltar Savings, Goldome, Amerifirst Federal, Chase Federal, City Federal Savings and Intercontinental bank of Jacksonville Beach
Other
The ForumThe Forum (Inglewood, California)
The Forum is an indoor arena, in Inglewood, California, a suburb of Los Angeles. From 2000 to 2010, it was owned by the Faithful Central Bible Church, which occasionally used it for church services, while also leasing the building for sporting events, concerts and other events.Along with Madison...
, an arena in Inglewood, California
Inglewood, California
Inglewood is a city in southwestern Los Angeles County, California, southwest of downtown Los Angeles. It was incorporated on February 14, 1908. Its population stood at 109,673 as of the 2010 Census...
, famous as the former home of the Los Angeles Lakers
Los Angeles Lakers
The Los Angeles Lakers are an American professional basketball team based in Los Angeles, California. They play in the Pacific Division of the Western Conference in the National Basketball Association...
and Los Angeles Kings
Los Angeles Kings
The Los Angeles Kings are a professional ice hockey team based in Los Angeles, California. They are members of the Pacific Division of the Western Conference of the National Hockey League...
, was known as the "Great Western Forum" for several years. This name came from Great Western S&L, which paid for the naming rights
Naming rights
In the private sector, naming rights are a financial transaction whereby a corporation or other entity purchases the right to name a facility, typically for a defined period of time. For properties like a multi-purpose arena, performing arts venue or an athletic field, the term ranges from three...
on the arena in 1988. The name still remained for several years though Great Western ceased to exist. The 15-year naming rights contract expired in 2003, and the Great Western name was finally removed in 2006.
Over ten years after the takeover, Great Western's logo is still visible in several places at their former headquarters in Northridge.