Magazine article American Banker

Bucking Trend, Calif. Thrift Company Moving Head Office to San Diego Area

Magazine article American Banker

Bucking Trend, Calif. Thrift Company Moving Head Office to San Diego Area

Article excerpt

A Los Angeles-area thrift company is moving its headquarters south in search of mortgage business in the San Diego area, which banks and thrifts have been leaving for most of the 1990s.

ITLA Capital Corp., a new holding company formed by Glendale-based Imperial Thrift and Loan Association, is moving to La Jolla, Calif., a part of San Diego.

With $800 million of assets, ITLA will be bigger than any other thrift or bank holding company based in San Diego, topping $700 million-asset Mission Federal Credit Union and $600 million-asset GB Bancorp., parent of Grossmont Bank.

San Diego, the nation's sixth-largest city, has been neglected by banks and thrifts, ITLA officials said. In recent years it lost all its hometown financial institutions. Home Federal Savings, Great American Bank, and Imperial Savings all failed; First Interstate Bancorp bought up San Diego Trust and Savings only to be bought by Wells Fargo & Co. last year; and several community banks have also disappeared.

"We look forward to locating our holding company in San Diego," said chairman and chief executive George W. Haligowski, a native San Diegan who has led Imperial since 1992. "We believe that it will ultimately make a substantial impact on the San Diego marketplace."

"Everybody has to welcome that kind of event," said Howard B. Levenson, chairman and chief executive of the San Diego investment bank Western Financial Corp. "Whether it's the beginning of a trend or an isolated event, we shall have to see. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.