Camino Real Savings Undergoes Name Change
Camino Real Savings Bank, a Hispanic-oriented savings and loan, has changed its name to First California Savings Bank and has plans to expand into Orange, Santa Ana and Chula Vista to serve a broader Hispanic market.
The name change is the latest in a series of reorganizational moves designed to improve the S&L;’s service and profitability, according to Gil Fuentes, president and chief executive officer.
The S&L; was based in San Fernando when real estate developer Mervyn A. Phelan of Orange paid $2.5 million cash for it and pumped $13 million worth of real estate into its capital base in August, 1985.
Phelan and Fuentes, whom he hired last summer, have closed three Valley branches and consolidated activities in the San Fernando main office and in a City of Commerce branch. The S&L; is expected to apply soon for approval to open a branch in Orange, where its corporate headquarters is located. The firm also is negotiating to buy branches in Santa Ana and Chula Vista, Martin B. Richelli, a senior vice president, said.
