Western Savings and Loan
Company type | Private |
---|---|
Industry | USD |
Western Savings and Loan was an American financial institution founded by the Driggs family.
The Driggs family came to
Success and eventual failure
Western Savings and Loan eventually became a $6 billion savings and loan institution. Western shared a position on the list of the nation's 100 largest savings and loans with other Arizona-based institutions — MeraBank was number 27 on the list, Western came in at 37th,
Accomplishments and recognition
American Newcomen honored Western Savings and Loan Association in the year of the company's 40th anniversary. Since it was formed by the Driggs family in the spring of 1929, six months before the historic stock crash, Western Savings had grown by 1969 to become the largest savings and loan association in Arizona and among the 100 largest in the United States. The major objectives of the association were the encouragement of thrift and the promotion of home ownership. Over those years, more than 30,000 first mortgage loans had been made, totaling more than 390 million dollars, thus becoming a significant factor in the growth and development of Arizona.[5]
References
- ^ Brown, Matthew (June 22, 1989). "Western S&L Falls to Regulators". Deseret News.
- ^ Furlong, Tom (June 2, 1990). "BankAmerica Buys Arizona's 2nd-Largest S&L : Thrifts: It Outbids Wells Fargo and Security Pacific in a Federal Auction. Other Banks Have Suffered Huge Losses in the State in Recent Years". Los Angeles Times.
- ^ Roche, Lisa Riley (August 31, 1990). "Utah, Arizona Overseeing Bank's Branch". Deseret News.
- ^ "President of failed Western Savings is fined". Tucson Citizen. November 28, 1995.
- ^ "American Newcomen". The Newcomen Society of the United States. Archived from the original on May 27, 2005. Retrieved September 20, 2007.
External links
- Hayes, Thomas C. (November 7, 1982). "Thrift Executives: John and Gary Driggs; Arizona's Banking Brothers Branch Into Casinos, Hotels And Land". New York Times.
- Schmidt, Susan (June 15, 1992). "$1.5-Billion Suit Filed in S&L's Failure : Thrifts: Former officials and borrowers at Western Savings & Loan face civil fraud and racketeering charges". Los Angeles Times.
- Knight, Jerry (November 14, 1990). "Ranch Deal Symbol Of SL Crisis". Washington Post.
- Schmidt, Susan (July 10, 1992). "Arizona Thrift's Tangled Legacy". Washington Post.