Business Is Good for O.C.’s Remaining Savings & Loans

A decade ago, without computer programs to help, the task of compiling profits, losses and other statistics for all 33 savings and loans based in Orange County was time-consuming.

Today, the task is easy, but newer technology isn’t the reason: There are only seven S&Ls; left in the county.

In addition, it isn’t much of a surprise to find that the survivors posted combined net income of $201.7 million. With the failure of more than two dozen county-based S&Ls; since 1985, only the healthy ones are left.

The big guys did very well, according to industry statistics gatherer Sheshunoff Information Services Inc. in Austin, Texas.

American Savings Bank in Irvine earned $147.9 million last year. Its $19.6 billion in loans and other assets makes it the fourth largest thrift in the state and fifth largest in the nation.

Downey Savings & Loan in Newport Beach and Western Financial Savings Bank in Irvine earned $21.6 million and $34.6 million, respectively. Downey holds $4.7 billion in assets; Western Financial $3.2 billion.

The small fry, Pioneer Savings & Loan in Newport Beach, with only $78 million in assets, earned a modest $69,000.

The only other moneymaker was Fullerton Savings & Loan, a family-owned institution operating in a ‘50s-style building that hearkens back to the Bailey Building & Loan in Jimmy Stewart’s “It’s a Wonderful Life” movie. Fullerton, with $263 million in assets, earned $3.3 million.

Red ink flowed from Standard Pacific Savings in Newport Beach, which lost $3.7 million, and Universal Savings Bank in Orange, which lost $2.1 million.

All the thrifts were well-capitalized, far exceeding federal requirements.

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James S. Granelli covers financial institutions and fraud issues for The Times. He can be reached at (714) 966-5810 and at james.granelli@latimes.com.