BANKING : Founder of Bank in Newport Hired to Head Home Savings

The man who guided ITT Federal Bank in Newport Beach through rapid growth to more than $1 billion in assets has been hired as president of Home Savings of America in Irwindale.

Fredric J. Forster, 48, will take the reins of the nation’s largest savings and loan, with $47 billion in assets, on March 1. He will succeed Charles R. Rinehart, 45, who was promoted to the new position of vice chairman at Home Savings.

The move comes at a time when ITT Federal is poised for growth, Forster said. The company mainly buys existing home loans and mortgage-backed securities, while Home Savings primarily makes new home mortgages.

“Everything’s going to be new,” he said. “It’ll all be on a wonderfully different scale.”

Forster said he was approached about a month ago by longtime industry friend Richard H. Diehl, chairman and chief executive of Home Savings and its parent company, H.F. Ahmanson & Co. in Irwindale.

In 1979, Forster was the founding president of Newport Balboa Savings & Loan, which ITT Financial Corp. bought in 1983 and renamed in 1989. The thrift’s chairman, Graham Williams, will take over his responsibilities for now.

Reinhart will keep the post of the S&L;’s chief operating officer for several months while Forster acquaints himself with the thrift’s operations and then takes over that position, too. Rinehart will remain as president and chief operating officer of H.F. Ahmanson.

Ahmanson has been looking for a team to take over when Diehl retires. Though close to retirement age, Diehl hasn’t set a date.