L.A. County-based savings & loan associations: ranked by assets as of June 30, 2004
David NusbaumEXECUTIVE SUMMARY
THE number of savings and loans headquartered in Los Angeles County has been cut to 11, and will be even lower next year. Just before the June 30 end of the reporting period upon which the rankings are based, Hawthorne Savings, No. 4 last year, was acquired by Commercial Capital Bank of Irvine. In August, Trust Bank, No. 11 this year, was acquired by East-West Bank of San Marino and will fall off next year's rankings.
Thrifts on this year's list saw a $7 billion increase in assets from 2003, representing 30.4 percent growth. Deposits increased by $2 billion, or 16.5 percent, to $14 billion. Trust Bank was the only institution to see a slight decline in assets or deposits over the past year.
First Bank of Beverly Hills, No. 5 on this year's list, saw the biggest increase in assets and moved ahead of Standard Savings Bank. The thrift recorded the largest total increase in assets, up $440 million or 57.2 percent.
Broadway Federal Bank moved to No. 10 from No. 12 following a 17.1 percent increase in assets and a slight decrease in assets by No. 11 Trust Bank.
THE PACESETTER
INDYMAC BANK
WITH nearly; three times the assets of its closest competitor, IndyMac Bank is by far the largest savings and loan association headquartered in Los Angeles County. It tops the list lot the fifth consecutive year.
In 2003, IndyMac increased its asset base by $4.3 billion over 2002, a 40.7 percent increase. Deposits rose by 24.1 percent to $4.9 billion.
Michael Perry, IndyMac's chairman and chief executive, started the company 11 years ago with four employees. It now has close to 6,000, half of them in Los Angeles County, and does mortgage lending in all 50 states.
Perry attributes IndyMac's success to the refinance and home mortgage boom led by low interest rates. "It was a $3.8 trillion industry last yearm but will shrink to an estimated $2 trillion next year," said Perry. "The biggest challenge will be to adjust from a refinance boom to a more normal mortgage market."
Locally, IndyMac plans to expand its thrift business. Originally a real estate investment trust, IndyMac became a savings and loan in 2000 when it acquired First Federal Savings and Loan Association of San Gabriel Valley. It inherited nine branches, and plans to expand its network in Southern California to 40 to 50 branches.
IndyMac recently purchased Irvine-based Financial Freedom, making it the largest reverse-mortgage lender in the country'. Reverse mortgages are for people age 62 or older who want to draw equity from their home. The money is paid back when they die. Perry said the market is evolving, and he expects the purchase to be successful.
In millions
Rank Savings & Loan (year Assets
established) (Ranking in 2003)
* name * as of June 30, 2004
* address * as of June 30, 2003
* % increase (decrease)
1 IndyMac Bank (1936) (1) $14,931.4
155 N. Lake Ave. $10,611
Pasadena 91101 40.7%
2 First Federal Bank of 5,538.3
California (1929) (2)
401 Wilshire Blvd. 4,462.1
Santa Monica 90401 24.1
3 PFF Bank & Trust (1892) (3) 3,608.1
350 S. Garey Ave. 3,087.3
Pomona 91766 16.9
4 Quaker City Bank (1920) (5) 1,871.5
7021 Greenleaf Ave. 1,623
Whittier 90608 15.3
5 First Bank of Beverly Hills 1,210.3
(1979) (7)
23901 Calabasas Road, Suite 769.9
1050 Calabasas 91302 57.2
6 Standard Savings Bank 985
(1980) (6)
228 W. Garvey Ave. 933.4
Monterey Park 91754 5.5
7 Kaiser Federal Bank (1953) (8) 557.1
1359 N. Grand Ave. 433.6
Covina 91724 28.5
8 Malaga Bank (1985) (9) 484.9
2514 Via Tejon 353.5
Palos Verdes Peninsula 90274 37.2
9 Universal Bank (1954) (10) 407.6
3455 Nogales St., Suite 343.3
1050 West Covina 91792 18.7
10 Broadway Federal Bank 253.3
(1947) (12)
10 4800 Wilshire Blvd. 216.3
Los Angeles 90010 17.1
11 Trust Bank (4) (1977) (11) 229
638 S. Atlantic Blvd. 234.1
Monterey Park 91754 -2.2
In millions
Savings & Loan (year Deposits
established) (Ranking in 2003)
* name * as of June 30, 2004
* address * as of June 30, 2003
* % increase (decrease)
IndyMac Bank (1936) (1) $4,933.7
155 N. Lake Ave. $3,976.1
Pasadena 91101 24.1%
First Federal Bank of 2,796.9
California (1929) (2)
401 Wilshire Blvd. 2,485.7
Santa Monica 90401 12.5
PFF Bank & Trust (1892) (3) 2,514.6
350 S. Garey Ave. 2,349
Pomona 91766 7
Quaker City Bank (1920) (5) 1,156.9
7021 Greenleaf Ave. 1,096.6
Whittier 90608 5.5
First Bank of Beverly Hills 636.9
(1979) (7)
23901 Calabasas Road, Suite 356.1
1050 Calabasas 91302 78.8
Standard Savings Bank 784.3
(1980) (6)
228 W. Garvey Ave. 731.4
Monterey Park 91754 7.2
Kaiser Federal Bank (1953) (8) 418.8
1359 N. Grand Ave. 346.3
Covina 91724 20.9
Malaga Bank (1985) (9) 264
2514 Via Tejon 226.1
Palos Verdes Peninsula 90274 16.8
Universal Bank (1954) (10) 309.4
3455 Nogales St., Suite 254.3
1050 West Covina 91792 21.7
Broadway Federal Bank 186.3
(1947) (12)
10 4800 Wilshire Blvd. 165.2
Los Angeles 90010 12.8
Trust Bank (4) (1977) (11) 187.2
638 S. Atlantic Blvd. 190.4
Monterey Park 91754 -1.7
In millions
Savings & Loan (year Net Income
established) (Ranking in 2003)
* name * Jan. 1-June 30, 2004
* address * Jan. 1-June 30, 2003
* % increase (decrease)
IndyMac Bank (1936) (1) $70.2
155 N. Lake Ave. $82.2
Pasadena 91101 -14.6%
First Federal Bank of 31.7
California (1929) (2)
401 Wilshire Blvd. 31.2
Santa Monica 90401 1.6
PFF Bank & Trust (1892) (3) 21
350 S. Garey Ave. 19.1
Pomona 91766 9.4
Quaker City Bank (1920) (5) 10.2
7021 Greenleaf Ave. 11.5
Whittier 90608 -11.8
First Bank of Beverly Hills 5.8
(1979) (7)
23901 Calabasas Road, Suite 3.3
1050 Calabasas 91302 72.8
Standard Savings Bank 5.2
(1980) (6)
228 W. Garvey Ave. 5.3
Monterey Park 91754 -0.9
Kaiser Federal Bank (1953) (8) 1.7
1359 N. Grand Ave. 1.2
Covina 91724 42.8
Malaga Bank (1985) (9) 2.7
2514 Via Tejon 2.5
Palos Verdes Peninsula 90274 9.1
Universal Bank (1954) (10) 2.6
3455 Nogales St., Suite 1.8
1050 West Covina 91792 41.9
Broadway Federal Bank 1.1
(1947) (12)
10 4800 Wilshire Blvd. 0.8
Los Angeles 90010 26.4
Trust Bank (4) (1977) (11) 0.9
638 S. Atlantic Blvd. 0.8
Monterey Park 91754 12.5
Savings & Loan (year Capital
established) (Ranking in 2003) Rating (1)
* name
* address
IndyMac Bank (1936) (1) ****
155 N. Lake Ave.
Pasadena 91101
First Federal Bank of *****
California (1929) (2)
401 Wilshire Blvd.
Santa Monica 90401
PFF Bank & Trust (1892) (3) ****
350 S. Garey Ave.
Pomona 91766
Quaker City Bank (1920) (5) *****
7021 Greenleaf Ave.
Whittier 90608
First Bank of Beverly Hills ****
(1979) (7)
23901 Calabasas Road, Suite
1050 Calabasas 91302
Standard Savings Bank *****
(1980) (6)
228 W. Garvey Ave.
Monterey Park 91754
Kaiser Federal Bank (1953) (8) *****
1359 N. Grand Ave.
Covina 91724
Malaga Bank (1985) (9) *****
2514 Via Tejon
Palos Verdes Peninsula 90274
Universal Bank (1954) (10) *****
3455 Nogales St., Suite
1050 West Covina 91792
Broadway Federal Bank ****
(1947) (12)
10 4800 Wilshire Blvd.
Los Angeles 90010
Trust Bank (4) (1977) (11) ****
638 S. Atlantic Blvd.
Monterey Park 91754
Savings & Loan (year Capital Ratios
established) (Ranking in 2003)
* name * tier one (2)
* address * total risk-based (3)
IndyMac Bank (1936) (1) 12.5%
155 N. Lake Ave. 13.1%
Pasadena 91101
First Federal Bank of 13.3
California (1929) (2)
401 Wilshire Blvd. 14.6
Santa Monica 90401
PFF Bank & Trust (1892) (3) 10.2
350 S. Garey Ave. 11.2
Pomona 91766
Quaker City Bank (1920) (5) 11.5
7021 Greenleaf Ave. 12.4
Whittier 90608
First Bank of Beverly Hills 10.2
(1979) (7)
23901 Calabasas Road, Suite 10.9
1050 Calabasas 91302
Standard Savings Bank 14
(1980) (6)
228 W. Garvey Ave. 14.5
Monterey Park 91754
Kaiser Federal Bank (1953) (8) 18
1359 N. Grand Ave. 18.6
Covina 91724
Malaga Bank (1985) (9) 12.4
2514 Via Tejon 13.1
Palos Verdes Peninsula 90274
Universal Bank (1954) (10) 11.2
3455 Nogales St., Suite 12.2
1050 West Covina 91792
Broadway Federal Bank 9.9
(1947) (12)
10 4800 Wilshire Blvd. 10.6
Los Angeles 90010
Trust Bank (4) (1977) (11) 10.4
638 S. Atlantic Blvd. 11.3
Monterey Park 91754
Savings & Loan (year Non-Current
established) (Ranking in 2003) Ratio
* name * % of total assets
* address * % of total loans
IndyMac Bank (1936) (1) 0.7%
155 N. Lake Ave. 0.8%
Pasadena 91101
First Federal Bank of 0
California (1929) (2)
401 Wilshire Blvd. 0
Santa Monica 90401
PFF Bank & Trust (1892) (3) 0.3
350 S. Garey Ave. 0.3
Pomona 91766
Quaker City Bank (1920) (5) 0.2
7021 Greenleaf Ave. 0.3
Whittier 90608
First Bank of Beverly Hills 0.3
(1979) (7)
23901 Calabasas Road, Suite 0.2
1050 Calabasas 91302
Standard Savings Bank 0.4
(1980) (6)
228 W. Garvey Ave. 0.5
Monterey Park 91754
Kaiser Federal Bank (1953) (8) 0
1359 N. Grand Ave. 0
Covina 91724
Malaga Bank (1985) (9) 0
2514 Via Tejon 0
Palos Verdes Peninsula 90274
Universal Bank (1954) (10) 0.6
3455 Nogales St., Suite 0.6
1050 West Covina 91792
Broadway Federal Bank 0
(1947) (12)
10 4800 Wilshire Blvd. 0
Los Angeles 90010
Trust Bank (4) (1977) (11) 0
638 S. Atlantic Blvd. 0
Monterey Park 91754
Savings & Loan (year Returns
established) (Ranking in 2003) (6 mos. ended 6/30/04)
* name * on average assets
* address * on average equity
IndyMac Bank (1936) (1) 1%
155 N. Lake Ave. 12.7%
Pasadena 91101
First Federal Bank of 1.2
California (1929) (2)
401 Wilshire Blvd. 15
Santa Monica 90401
PFF Bank & Trust (1892) (3) 1.2
350 S. Garey Ave. 15.1
Pomona 91766
Quaker City Bank (1920) (5) 1.1
7021 Greenleaf Ave. 14.1
Whittier 90608
First Bank of Beverly Hills 1.1
(1979) (7)
23901 Calabasas Road, Suite 13.2
1050 Calabasas 91302
Standard Savings Bank 1.1
(1980) (6)
228 W. Garvey Ave. 11.3
Monterey Park 91754
Kaiser Federal Bank (1953) (8) 0.5
1359 N. Grand Ave. 6.5
Covina 91724
Malaga Bank (1985) (9) 1.2
2514 Via Tejon 14.9
Palos Verdes Peninsula 90274
Universal Bank (1954) (10) 1.4
3455 Nogales St., Suite 13.5
1050 West Covina 91792
Broadway Federal Bank 0.9
(1947) (12)
10 4800 Wilshire Blvd. 11.9
Los Angeles 90010
Trust Bank (4) (1977) (11) 0.7
638 S. Atlantic Blvd. 9.6
Monterey Park 91754
Savings & Loan (year Top Local Executive
established) (Ranking in 2003)
* name * name
* address * title
* phone
IndyMac Bank (1936) (1) Michael W. Perry
155 N. Lake Ave. chairman, ceo
Pasadena 91101 (626) 535-5901
First Federal Bank of Babette E. Heimbuch
California (1929) (2)
401 Wilshire Blvd. chairwoman, ceo
Santa Monica 90401 (310) 319-6000
PFF Bank & Trust (1892) (3) Larry M. Rinehart
350 S. Garey Ave. ceo, president
Pomona 91766 (909) 623-6517
Quaker City Bank (1920) (5) Rick McGill
7021 Greenleaf Ave. ceo, president
Whittier 90608 (562) 907-2200
First Bank of Beverly Hills Joseph W. Kiley III
(1979) (7)
23901 Calabasas Road, Suite ceo, president
1050 Calabasas 91302 (800) 515-1616
Standard Savings Bank John M. Lee
(1980) (6)
228 W. Garvey Ave. president
Monterey Park 91754 (626) 280-6448
Kaiser Federal Bank (1953) (8) Kay M. Hoveland
1359 N. Grand Ave. ceo, president
Covina 91724 (626) 339-9663
Malaga Bank (1985) (9) John R. Polen
2514 Via Tejon ceo, president
Palos Verdes Peninsula 90274 (310) 375-9000
Universal Bank (1954) (10) Frank Chang
3455 Nogales St., Suite ceo
1050 West Covina 91792 (626) 854-2818
Broadway Federal Bank Paul C. Hudson
(1947) (12)
10 4800 Wilshire Blvd. ceo, president
Los Angeles 90010 (323) 634-1700
Trust Bank (4) (1977) (11) Jae Whan Yoo
638 S. Atlantic Blvd. ceo, president
Monterey Park 91754 (626) 576-8800
(1) Bauer Financial Reports Inc. proprietary ratings classify each
institution based upon a formula which factors in relevant data
including, but not limited to, current capital levels, proposed
regulations, profitability, historical trends, loan delinquencies,
repossessed assets, reserves, regulatory compliance and asset quality.
Ratings are based on March 31, 2004 data.
***** Superior.
**** Excellent.
***+ Good.
*** Adequate.
(2) Core (Tier 1) capital as a percent of average total assets minus
ineligible tangibles.
(3) Total risk based capital as a percent of risk-weighted assets.
(4) Trust Bank merged into East-West Bank on Aug. 6, 2004.
Note: The financial information on this list was provided by the FDIC.
S&Ls are ranked by their assets as of June 30, 2004. A S&L's ranking
does not reflect its relative strength within the industry. The core
capital ratios and non-performance asset ratios can be used as
indicators of an institution's financial security. Hawthorne Savings,
No. 4 on this list last year merged into Commercial Capital Bank on
June 5, 2004.
To the best of our knowledge, this information is accurate as of press
time. While every effort is made to ensure the accuracy and
thoroughness of the list, omissions and typographical errors sometimes
occur. Please send corrections or additions on company letterhead to
the Research Department, Los Angeles Business Journal, 5700 Wilshire
Blvd., Suite 170, Los Angeles 90036. [C] 2004 Los Angeles Business
Journal. This list may not be reprinted in whole or in part without
permission prior written from the editor. Reprints are available from
Wright's Reprints, (877) 652-5295.
Researched by David Nusbaum
COPYRIGHT 2004 CBJ, L.P.
COPYRIGHT 2004 Gale Group
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