|World Savings Bank|
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World Savings is a premier consumer financial services company, with nearly nine decades of experience and over $130 billion in assets. We are dedicated to providing excellent customer service and high quality investment and home loan products.
Key Points in World's Nine Decades of Growth
1912: World Savings is established in Madera, California.
1929: Golden West Savings established in Oakland, California
1959: Trans-World Financial Corporation, a savings and loan holding company, is formed, and World Savings of California becomes a subsidiary.
1959: Trans-World acquires Guardian Savings and Loan of Colorado and renames it World Savings of Colorado. At the end of the year, the Trans-World Association has a total of six branches and $90 million in assets.
1963: Golden West Financial Corporation, a savings and loan holding company, is formed to acquire Golden West Savings, which has two offices and $38 million in assets.
1975: World merges with Golden West Savings, creating a combined company with assets of $1.8 billion and operations in California and Colorado.
Subsidiary savings and loans merge.
Resulting savings and loan adopts World Savings name.
Combined company has $1.8 billion in assets and 107 offices in two states.
1980: Federal legislation is passed that expands the authority of savings and loans (S&Ls) by allowing institutions to:
Set their own rates on savings accounts, rather than being subject to rate ceilings set by regulators.
Offer checking accounts.
Expand consumer and commercial lending activities.
1981: Federal regulators allow S&Ls to originate adjustable rate mortgages (ARMs). World adopts ARMs as its major mortgage product.
1982: World acquires First S&L Shares, a holding company for Majestic Savings of Colorado and Commerce Savings of Kansas. The transaction adds 48 branches and $1.3 billion in assets.
1985: World Savings enters Texas through the acquisition of Bell Savings Banc's two offices and $272 million in deposits.
1989: The 1980's end with over 850 savings and loans having failed during the decade. World Savings is a healthy company with $19.5 billion in assets, savings offices in six states, and lending operations in 18.
1990: World enters New Jersey through the purchase of Community Federal Savings, a company with $457 million in assets and six offices.
1991: World's operations extend to Florida through the acquisition of Beach Federal, a failed institution with $1.5 billion in assets and sixteen offices.
1991: World expands to Arizona through the purchase of three branches and $148 million in deposits from Security Federal Savings.
1998: World opens first savings branch in Illinois.
2001: World opens first savings branch in Nevada.
2004: World opens first savings branch in New York.
2006: Wachovia Corporation acquires World Savings.
|Title:||World Savings Bank|
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