| World Savings Bank | |
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| URL: | http://www.worldsavings.com/ |
| Description: |
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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| Link Added: | 05-13-2007 |
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