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]] Great Western Bank (previously known as Great Western Savings & Loan) was a large consumer bank that operated primarily n the Western United States . Great Western's headquarters were in Chatsworth, California . The bank was acquired by Washington Mutual in 1997 for $6.8 billion dollars. Great Western Bank was held by Great Western Financial Corporation ("GWFC"), a corporation organized under the laws of the state of Delaware . HISTORY Great Western was founded in 1919 in California as an Savings And Loan {Link without Title} . In 1955, it was merged into a holding company, Great Western Financial Corp. Within five years, Great Western acquired Santa Ana Savings (1956), West Coast Savings (Sacramento, 1957), Guaranty Savings (San Jose, 1958), Central Savings (San Luis Obispo, 1959), and First Savings (Oakland, 1959). The company later bought Santa Rosa Savings (1968) and Safety Savings (Los Angeles, 1969). In 1970 and 1971, GW purchased four additional California S&Ls. In 1972 , Great Western Financial combined them all into Great Western Savings. In the early 1980s , Great Western retained Dennis Weaver as its spokesman. Northridge Earthquake On January 17 , 1994 , GW's administrative campus in Chatsworth, California was particularly affected by the Northridge Earthquake , whose epicenter. Despite the quake, that year's profits quadrupled, thanks to the need for lower loss reserves and the gain on the sale of its 31 branches on Florida's Gulf Coast. In 1995 , GW's chairman James Montgomery passed the office of CEO to president John Maher, who accelerated the drive toward banking services. In 1996 , the company announced a $115 million restructuring program that would eliminate 800 jobs, consolidate mortgage banking branches, and install new technology. Later that year, GW sold its student loan business to Crestar Bank. In early 1997 California thrift H.F. Ahmanson & Co. launched a hostile takeover bid for the company, but Washington Mutual 's friendly offer won out later that year. OTHER The Forum , an arena in Inglewood, California , famous as the former home of the Los Angeles Lakers and Los Angeles Kings , was known as the "Great Western Forum" for several years. This name came from Great Western S&L, which paid for the Naming Rights on the arena in 1988 . |
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