Magazine article American Banker

Governor Taps Compromise Candidate to Be California Thrift Commissioner

Magazine article American Banker

Governor Taps Compromise Candidate to Be California Thrift Commissioner

Article excerpt

SAN FRANCISCO -- California Gov. George Deukmejian has appointed dark-horse candidate William J. Crawford of Newport Beach state commissioner of savings and loan associations.

Tuesday's announcement won immediate support from the thrift industry, which views Crawford's choice as a happy compromise between opposing philosophies. The split occurs between conservatives, who want tighter regulation, and entrepreneurs, who want to take full advantage of California's liberal thrift rules for security and real estate investments.

Crawford, a retired thrift entrepreneur, succeeds Larry Taggart, who resigned Jan. 1 for personal reasons after two years in the post. Taggart was known as a liberal commissioner who supported the innovative efforts of many new S&Ls.

Executives of many of the state's large, established thrifts had worked hard to line up support for a conservative replacement to Taggart. They were backing Donald Crocker, a consultant to the Federal Deposit Insurance Corp. and former chairman and chief executive officer of Lincoln Savings & Loan Association in Los Angeles, until he withdrew his name from consideration about a week ago.

Meanwhile, the newer, smaller thrifts supported Regan Kelly, special assistant to the commissioner, who was expected to continue the liberal trend begun by Taggart.

Commenting on Crawford's appointment, Tim McGarry, a spokesman for the California League of Savings Institutions, said, "We regard it as an outstanding appointment. His background makes him an outstanding candidate to take up. …

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.