SCIENCE/TECHNOLOGY : Investors, Tomar Thrifts’ New Parent Is Closer to Home

The sale of two thrift and loans in Orange to the large Fremont General Corp. in Santa Monica gives them a parent closer to their home and to their operations.

Fremont’s acquisition of Tomar Financial Corp. in Fresno, the parent of Investors Thrift & Loan and Liberty Thrift & Loan, was completed recently for an undisclosed price between $5 million and $10 million in cash.

The thrifts will continue to operate under their current business plans but will get more capital to help them grow, said James A. McIntyre, Fremont’s president.

The thrifts take deposits and make automobile and home improvement loans as well as small commercial real estate loans of up to $1.5 million, said Murray Zoota, president of both thrifts. He and his staff will remain on the job. It has not been decided yet if the two thrifts will be merged.

“We’re real excited about the transaction,” Zoota said. “We have a much stronger parent who is more in tune with financial services.”

Tomar was owned by a Fresno family that manufactures hobby paints for ceramics and T-shirts, he said.

Together, the thrifts had nearly $182 million in assets at the end of December and earned a combined $961,000 last year, nearly triple the amount earned the previous year. They have a total of 15 branches throughout California, mostly in rural areas.

McIntyre said the acquisition will help Fremont expand its financial services in the state. Fremont is one of the state’s larger workers’ compensation insurers and operates companies involved in commercial finance, commercial mortgage banking and life insurance. One of its subsidiaries, Commercial Bankers Life Insurance Co., is based in Orange County.

Thrift and loans are a cross between banks and finance companies. Deposits at Investors and Liberty are insured by the Federal Deposit Insurance Corp., which regulates T&Ls; essentially as if they were banks.