P.M. BRIEFING : Great American Switches Over to Federal Bank to Save Money

Great American Bank has merged its federally chartered subsidiary into itself and has converted from a state-chartered savings bank to a federal savings bank, thrift officials announced today.

The conversion will provide substantial cost savings to the emerging institution, known as Great American Bank, by eliminating assessments imposed by the California Department of Savings and Loan to support its operations. The thrift paid about $500,000 in assessments last year, Great American spokesman Brian Luscomb said.

The move will not result in any service changes at the San Diego-based thrift and won’t adversely affect Great American’s current operations, Luscomb said.

Great American, which has 213 branches in the West, will continue to be regulated by the federal Office of Thrift Supervision and the Federal Deposit Insurance Corp.

Announcement of the conversion coincided with the retirement today of Great American Chief Executive Gordon C. Luce, 64, who held that position for 20 years and will remain a bank trustee.