Thrift Converts to Bank: Westside Savings &...

Thrift Converts to Bank: Westside Savings & Loan in Los Angeles is converting to a commercial bank, one of the first thrifts in the state to do so. Some thrifts plan to convert to banks because they will pay lower regulatory fees, gain expanded investment powers and shed the poor public image that thrifts have as a result of the nation’s savings and loan debacle. Although a number of savings and loans are calling themselves banks, few have officially converted by obtaining bank charters. Westside, with $133 million in assets, will be renamed Westside Bank of Southern California in mid-July.