American Savings Ends Home Savings' 28-Year Reign as Nation's Top S&L - First in Deposits and Assets; Five Most Profitable S&Ls Are Based in California

By Cacace, L. Michael | American Banker, February 28, 1984 | Go to article overview

American Savings Ends Home Savings' 28-Year Reign as Nation's Top S&L - First in Deposits and Assets; Five Most Profitable S&Ls Are Based in California


Cacace, L. Michael, American Banker


NEW YORK -- American Savings & Loan Association, Stockton, Calif., has surpassed Home Savings of America FA, Los Angeles, as the nation's top savings and loan association. It is also the nation's top thrift institution -- a category that includes savings banks and S&Ls. And American ranks top in both deposits and assets at yearend 1983.

In addition, the S&L was the top thrift in net income, with $172.3 million. And Home Savings was also second in this category, with $104.2 million. These figures appear in a new listing of the nation's 10 most profitable thrifts ranked by net income for 1983. And they are part of the findings of the American Banker's annual survey of the nation's top thrift institutions, published today.

Last August, First Charter Financial Corp., Beverly Hills, was acquired by Financial Corp. of America, Los Angeles. First Charter's subsidiary, American Savings FS&LA, was then merged into State Savings & Loan Association, Stockton. State Savings, a subsidiary of Financial Corp., then changed its name to American Savings & Loan. The former American Savings was the nation's eighth largest thrift on June 30, 1983, with deposits of $6.9 billion. State Savings was the fifth largest thrift at midyear, with $8.5 billion in deposits.

American Savings had deposits of $18.3 billion and assets of $22.5 billion on Dec. 31. Home Savings of America, which dropped to second place, with $15.5 billion in deposits and $19.7 billion in assets at yearend, had been the top savings and loan association for the past 28 years. The Most Profitable Thrifts

The 10 most profitable thrift institutions are all savings and loan associations, and the top five are based in California, as well as six of the top 10. Two are located in Michigan, and one eachin New Jersey and Texas.

The third most profitable thrift, after American Savings and Home Savings, was California Federal Savings & Loan Association, Los Angeles. California Federal, the nation's fourth largest thrift in both deposits and assets, had $80.5 million in net income last year.

World Savings FS&LA, Oakland, which ranked 12th in deposits and ninth in assets, was fourth in net income, with $78.8 million.

Great Western Savings FS&LA, Beverly Hills, which ranked third in both deposits and assets, was fifth in net income, with $76.5 million. …

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