Gibraltar Financial to Consolidate Operations
Gibraltar Financial said it plans to boost its employment to about 1,100 people in Simi Valley by mid-1989, in part by consolidating operations from 13 facilities scattered throughout the San Fernando Valley.
Gibraltar Financial employs about 500 people in Simi Valley in a 280,000-square-foot office building it bought for $21 million last year from Terminal Data, a maker of electronic document-storage systems that plans to move to Moorpark by April 1.
Gibraltar, however, expects to keep its headquarters in Beverly Hills, said Rafael Franco, corporate vice president. He said Simi Valley will be the home for such things as Gibraltar’s lending, computer, securities, insurance and human resources operations.
After Terminal Data leaves, Franco said, Gibraltar plans to move another 300 administrative employees from throughout the San Fernando Valley to the Simi building.
By mid-1989, he said, Gibraltar expects to have completed another building on the site.
Gibraltar Financial, with about $16 billion in assets, is the holding company for Gibraltar Savings. In a 1987 Times survey, Gibraltar Financial ranked 13th statewide among financial and insurance holding companies, with Gibraltar Savings ranking 10th in size among savings and loans.
Within 10 years, Franco said, the company expects to build two additional office buildings, a training center and a fitness facility on the 43.5-acre site, bringing its total office space there to 640,000 square feet. By then, the company expects to employ about 2,000 people.