Ahmanson’s Deihl Retires; Rinehart Named Chairman : Banking: In his 34-year tenure, Home Savings grew to become the largest savings institution in U.S.

Richard H. Deihl retired Wednesday as chairman of H.F. Ahmanson & Co., parent of the nation’s largest savings institution, a company spokeswoman said.

Charles R. Rinehart, who succeeded Deihl in 1993 as chief executive of Ahmanson and chairman and chief executive of its subsidiary Home Savings of America, will become chairman of Ahmanson as well, spokeswoman Mary Trigg said.

Deihl, 66, retired after 34 years at Ahmanson. During his tenure, the company grew from a $2-billion California thrift to the nation’s largest savings bank, with $53 billion in assets and 355 offices in five states.

Rinehart, 48, played an integral role in helping Irwindale-based Ahmanson grow as California’s lingering recession forced many savings and loans out of business or into mergers with bigger banks.

“It was expected, and it’s well deserved on Rinehart’s part,” said Tom O’Donnell, a savings and loan analyst at Smith Barney Inc. “He’s done a good job as CEO.”

Under Rinehart, who joined the company in 1989 and was quickly named president and chief operating officer, Ahmanson thrived by cutting costs, selling problem commercial real estate loans and adding new products and services. He was named CEO in November, 1993.

The company has also been successful by concentrating on the traditional business of thrifts--making home loans and taking deposits from consumers--and by focusing on its strongest markets in California, Florida, New York and Texas, O’Donnell said.