Downey Savings and Loan Assn., whose common...

Downey Savings and Loan Assn., whose common stock is currently traded on the American Stock Exchange, has been given the green light to apply for listing on the New York Stock Exchange.

In announcing that NYSE officials approved Downey’s preliminary eligibility review, Downey president Maurice L. McAlister said, “Listing on the New York Stock Exchange will bring Downey and its stockholders . . . an expanded sphere of interest for the company’s stock.”

A spokesman for the Costa Mesa thrift said he expects Downey to appear on the NYSE in four-to-six weeks. Downey, with 41 offices in California and assets of $2.3 billion, closed Tuesday at $23 a share, down 36 1/2 cents.