Mercury Savings Founder Leonard Shane Dies at 75

Leonard Shane, who founded Mercury Savings & Loan and headed the thrift industry’s main trade group while becoming one of its most respected boosters, died Sunday after a heart attack. He was 75.

Shane was stricken at home and was rushed to Mission Hospital Regional Medical Center in Mission Viejo where he was pronounced dead. Services will be at 11 a.m. today at Harbor Lawn-Mt. Olive Memorial Park & Mortuary in Costa Mesa.

Shane spent much of his life advocating the American dream of home ownership. But Mercury had trouble adjusting to the deregulated S&L; industry, and the once-thriving thrift essentially became insolvent except for some accounting gimmicks that were allowed into the late 1980s.

At its peak, Mercury had 24 branches and $2.3 billion in assets.

Shane, a devoted Democrat, gave to many civic causes, including the Orange County Philharmonic and the Orange County Performing Arts Center. He also sponsored a teaching chair at Ben Gurion University. He was devoted to Jewish causes, serving as president of the Orange County Jewish Federation in the late 1970s.

He is survived by his wife, Marjorie; his son, Bill; his daughters, Judy Shenkman; Marsha Palmer; Shelley Asidon; brother, Robert; sisters, Evelyn Learner and Nell Pesner; 11 grandchildren; and two great-grandchildren.

The family asks that donations be sent to Hadassah, the National Conference, the Orange County Philharmonic Society or Ben Gurion University of the Negev.