Pioneer S&L; Partners Reveal Their Identities

Seven previously silent investors in Pioneer Savings & Loan Assn. in Newport Beach have revealed their identities and been cleared by the state Department of Savings and Loan to hold stock in the S&L.;

The seven are also gathering information to resubmit a change-of-control application with the Federal Home Loan Bank Board, which regulates federally insured institutions. The bank board had ordered them a year ago to resolve a complex loan arrangement for capitalizing the S&L; either by revealing or terminating their ownership interests in the S&L.;

Pioneer opened in January, 1985, with $2 million in capital supplied by James F. Deane, who became the S&L;’s chairman and was listed in all public records as the owner of all 200,000 shares. But Deane got more than $1.8 million of the capital in a loan from seven associates. The FHLBB, which knew about the arrangement when it approved deposit insurance for the new S&L;, decided later that the loan was really an investment and hid the true ownership of the S&L.;

The seven investors are William C. Ring of Corona del Mar, Robert J. Lucas of Newport Beach, David V. Whiting of Tustin, Sheldon E. Medall of San Diego, Dr. Jack Sioukas of Sacramento, James C. Gianulias of Corona del Mar, and his brother, Dr. Gus C. Gianulias of Sacramento.

Ring said an offer by the seven to buy out Deane at $10 a share is still open, but that Deane has not yet decided whether he will sell. Any sale, however, could come only after the bank board approves the new owners, Ring said.