Glendale Federal Savings and Loan Association, later Glendale Federal Bank, was one of the nation's largest federally chartered savings and loan association during the 1980s. It was long based in Los Angeles suburb Glendale, California, at 401 Brand Boulevard. The Glendale Federal brand was retired in 1998 when Glendale Federal was merged into California Federal Bank via a reverse merger engineered by Ronald Perelman and Gerald J. Ford, the owners of California Federal via their privately-owned First Nationwide Holding Inc.
History edit
The institution was founded 1934 as the First Federal Savings and Loan of Glendale.[1]
In 1982, the S&L promoted itself simply as "Glendale Federal", dropping the "Savings and Loan Association" from its advertising and self-referencing.[2]
In 1983, the S&L changed from a mutual organization to a federal stock form of organization.[3][failed verification]
Among the many other S&Ls that Glendale Federal acquired were:[4]
- La Jolla Federal S&L, 1981
- First Federal Savings and Loan of Broward County, Florida, 1981
- Alameda Federal Savings and Loan Association, 1981
In 1988, it faced a federal probe on pay practices.[5]
By the early 1990s, Glendale Federal had started advertising as Glendale Federal Bank, although it continued operating as a savings and loan.[6]
In 1997, Glendale Federal Bank formed a holding company called Golden State Bancorp to allow it acquire other businesses.[7]
Reverse merger with California Federal edit
In a very complex business procedure known as a reverse takeover or reverse merger, businessmen Ronald Perelman and Gerald J. Ford engineered the takeover of Glendale Federal Bank and Golden State Bancorp in 1998 by having public-owned Golden State Bancorp purchase Perelman and Ford's privately-owned First Nationwide Holding Inc. for $2.5-billion in stock which gave First Nationwide Holding's board of directors control of the new merged holding company, the new holding company retained Golden State Bancorp name and history, but the new savings bank retained the California Federal Bank's name and brand. Most of the managers for the combined company came from First Nationwide Holding along with First Nationwide's San Francisco headquarters building being retained. The saving bank merger resulted in the third largest thrift in the nation with $51 billion in assets and have more than 400 branches in eight states with 280 of those branches in California. The merger also resulted in the elimination of 60 California Federal and Glendale Federal branches and 1,100 out of the 8,400 jobs.[1][9][10][11][12]
Architecture edit
The Glendale Federal building at 9454 Wilshire Boulevard in Beverly Hills is a landmark, as is the 1959 Glendale headquarters, designed by Wenceslao Sarmiento.[13]
In 1991, Universal Animation Studios opened its offices in the building at 121 Lexington Drive, which is part of the Glendale Federal headquarters, while the main building remained vacant. The studio operated here until 2006, when it moved its offices into Universal City, and the building was bought by Hollywood Production Center. In early 2009, Hollywood Production Center also purchased the main building.[citation needed]
References edit
- ^ a b Torres, Maria L. (February 7, 1998). "Glendale Federal and California Federal announce merger plans". The Santa Clarita Valley Signal. p. 19 (B7). Retrieved May 17, 2020 – via Newspapers.com.
- ^ Byron, Doris A. (July 27, 1982). "S&L Changes Name: Just Call It Glendale Federal". Los Angeles Times. p. 37 (E2). ProQuest 153220798. Retrieved May 17, 2020 – via Newspapers.com.
In a move the firm touted as "one of the largest name changes in the history of the savings and loan industry," Glendale Federal Savings & Loan Assn. changed its name Monday. It became simply Glendale Federal. John Charnay, a spokesman for Glendale Federal (formerly Glendale Federal Savings & Loan Assn.) admitted that most Southern Californians probably won't notice the change. In fact, chances are, they've known Glendale Federal Savings & Loan Assn. as Glendale Federal for years.
- ^ "27 May 1983, 135 - The Los Angeles Times at Newspapers.com". Newspapers.com. Retrieved April 27, 2019.
- ^ "Glendale Federal Savings and Loan Association, the nation's largest..." United Press International. December 29, 1981. Retrieved May 17, 2020.
- ^ Schrader, Esther (February 25, 1988). "Glendale Federal Facing U.S. Probe on Pay Practices". Los Angeles Times. p. 190. ProQuest 292866422. Retrieved May 17, 2020 – via Newspapers.com.
- ^ "Glendale Federal Bank Sells Real Estate Loans". Los Angeles Times. July 5, 1994. Retrieved May 17, 2020.
- ^ "GlenFed Plans to Form Thrift Holding Company". Los Angeles Times. May 31, 1997. ProQuest 421185767.
Glendale Federal Bank said it plans to form a thrift holding company to give it more flexibility in buying back stock and making acquisitions. Shareholders of the thrift would swap one share for each share of the holding company, to be called Golden State Bancorp Inc... Under the reorganization, Glendale Federal would become a wholly owned subsidiary of Golden State... Glendale, one of California's largest thrifts with 165 branches and 25 loan offices, is frequently named by analysts as a takeover target for rivals looking to boost their share of the state's market... The company said its New York Stock Exchange trading symbol GLN will change to GSB after it wins approval for the holding company.
- ^ "Golden State Bancorp - Logo in EPS, PNG & JPG Formats". logoose.com. Retrieved February 1, 2022.
- ^ Vrana, Debora (February 6, 1998). "GlenFed, CalFed OK $2.5-Billion Merger Deal". Los Angeles Times.
- ^ Sinton, Peter (February 6, 1998). "Glendale Goes Merger Route With Cal Fed". San Francisco Chronicle.
- ^ O'Brien, Timothy L. (February 6, 1998). "California Merger to Form No. 3 S.& L." New York Times. p. D1.
- ^ Steinman, Jon (February 7, 1998). "Locals Offer Their 2 Cents on Glendale Bank Merger". Los Angeles Times. ProQuest 421385744.
- ^ "Glendale Federal Savings, Glendale - Los Angeles Conservancy". Los Angeles Conservancy. Retrieved May 17, 2020.