1090:
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419:, as Herb Sandler, states that "My wife and I had a company which aggressively marketed subprime mortgages, and then bundled them as securities to sell to banks such as Wachovia. Today, our portfolio's worth almost nothing, though, at one point, it was worth close to $ 19 billion." In response to the show, the real Herb Sandler said he had been "listening to this crap for two years" and "we are being unfairly tarred."
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for years: it began to write loans at an annual interest rate of just 1%, with correspondingly low monthly payments. World
Savings previously did not allow rates so low. The steep losses generated by these Golden West/World Savings loans ended up crippling Wachovia, resulting in its eventual purchase by
386:
caused the timing of the acquisition by
Wachovia to harm that company's financial situation. World Savings lending volume dipped again in 2006 shortly after the sale to Wachovia was initiated. This prompted World Savings to attract more borrowers by taking a step which the company had been resisting
291:
corporations in the 1970s led the
Sandlers to acquire World Savings in 1975. World Savings had been growing with other mergers in Colorado, so this acquisition expanded Golden West Financial out of California and 107 offices. The corporation began operating all of its savings and loans offices under
339:
In 2000, the bank was one of the highest-rated stocks in the industry. Golden West was mentioned industry-wide in a positive light, once described as "They are in a sweet spot right now in the mortgage business, and that is driving extraordinary earnings compared to other thrifts. They are the best
316:
called the company "the Nation's Best-Run S.& L." saying that "the core of their business is decidedly—some might say refreshingly—old-fashioned". As the mortgage market revived in the mid-1990s, Golden West
Financial Corporation expanded its reach to the east coast of the United States as
376:, The acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $ 32 billion in deposits and operated 123 branches. Wachovia also picked up about $ 122 billion in option adjustable rate mortgages.
295:
Lessening restrictions on savings and loans by the United States government in the early 1980s saw a rapid growth in the industry, and Golden West profited from it by careful examination of the market as it fluctuated and not over-extending its reach during the
278:
analyst, and
Herbert, a real estate attorney, would operate the company in tandem. In 1968, the Sandlers took Golden West Financial public. In 1969, Modesto Savings was acquired and became part of Golden West Savings.
405:
After the takeover was completed in 2006, some analysts said that
Wachovia purchased Golden West at the peak of the US housing boom, and that its mortgage-related problems were the ultimate factor in Wachovia's fall.
340:
ARM lender, and they have superior interest rate management". As with the late 1980s and early 1990s, Golden West continued to expand assets and lending opportunities during the market decline after a burst of
274:, through their newly created corporation, Golden West Financial. Some of the capital for the acquisition came from bank loans, with the balance coming from Marion's family money. Marion Sandler, a former
399:
While World
Savings continued to scrutinize borrowers' ability to manage increased payments, the move to rock-bottom rates lured customers whose financial reliability was harder to verify.
620:
317:
struggling savings and loan associations were put up for sale. By 1995, Golden West held $ 31 billion in assets, making it the third largest mortgage lender in the country. In 1997,
332:
to provide assistance for first time or low income home buyers who may not have received assistance from the private banking system. With diligence, Herbert
Sandler devised an
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321:, a nonprofit women's research group, found that Golden West Financial had one of the highest percentages of women on their board of directors within any
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system for Golden West's holdings to provide as alternative to the other options available. The system and implementation was enormously successful.
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The acquisition was announced on May 7, 2006, with a price of a little under $ 25.5 billion. The merger was completed in
October 2006.
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Wachovia CEO G. Kennedy "Ken" Thompson described Golden West as a "crown jewel". But investors did not react positively to the deal.
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announced its acquisition in 2006, Golden West
Financial had over $ 125 billion in assets and 11,600 employees.
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The Sandlers, who had run the company for forty-three years, were ready to retire and focus on philanthropy.
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The business was founded in 1929 as Golden West Savings and Loan Association, a small savings and loan in
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300:. Golden West continued to expand its portfolio, and remained marginally profitable for its investors.
755:"Wachovia To Acquire Golden West Financial, Nation's Most Admired and 2nd Largest Savings Institution"
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lampooned the Wachovia takeover of Golden West Financial during a segment on the financial bailout.
312:, with Marion overseeing the operations and Herbert working on the lending practices side. In 1990,
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Arizona, California, Colorado, Florida, Illinois, Kansas, Nevada, New Jersey, New York, and Texas
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In 2006, they agreed to acquisition of Golden West Financial and its thrift, World Savings, by
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958:"Human Rights Watch gets $ 15 million offer / Pledge comes from bankers in Oakland"
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Golden West Savings and Loan Association was purchased in 1963 for $ 4 million by
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Agosta, Veronica (November 5, 2001). "Thrifts' Decline Sparks Value Debate".
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819:"Golden West co-founder Herb Sandler dies at 87, leaving complicated legacy"
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In 2006, Golden West Financial was named the "Most Admired Company" in the
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254:. Golden West Financial's subsidiary, World Savings, was established in
238:
association in the United States, operating branches under the name of
502:
Ehrbar, A.F. (June 29, 1981). "The Mysteriously Profitable S&L".
185:
16:
One of the largest U.S. Savings and Loan associations (1929-2006)
1020:
1016:
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220:
846:
Moss, Michael; Fabrikant, Geraldine (December 24, 2008).
621:"Women Hold 10.6% of Fortune 500 Board Seats, Study Says"
64:
Golden West Savings and Loan Association (founded 1929)
552:"Golden West Club Savers get all this (advertisement)"
328:
At the same time, the United States government set up
308:
Marion and Herbert Sandler continued to serve as co-
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933:"Anne Hathaway: 10/04/08: Bailout Press Conference"
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848:"Once Trusted Mortgage Pioneers, Now Scrutinized"
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67:World Savings and Loan Association (founded 1912)
795:(Press release). October 2, 2006. Archived from
665:"Fortune: America's Most Admired Companies 2006"
905:"Wachovia-Golden West: Another Deal From Hell?"
517:
515:
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8:
763:(Press release). May 7, 2006. Archived from
19:
1010:"Golden West Financial Corporation History"
728:"Court fight for ailing Wachovia escalates"
522:Stevenson, Richard W. (September 9, 1990).
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1025:
1017:
588:"Golden West May Merge With World Savings"
437:
435:
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431:
18:
941:. Season 34. Episode 4. October 4, 2008.
696:"Wachovia acquires Golden West Financial"
211:Atlas Securities; World Savings and Loan
787:"WACHOVIA COMPLETES GOLDEN WEST MERGER"
524:"Inside the Nation's Best-Run S.&L"
427:
1589:Companies based in Oakland, California
1569:American companies established in 1929
1564:Defunct companies based in California
721:
719:
7:
1599:2006 disestablishments in California
1519:
1468:Wells Fargo Tower (Colorado Springs)
1428:Wells Fargo Center (Salt Lake City)
956:Ross, Andrew S. (October 7, 2008).
478:"Golden West Financial Corporation"
1559:Defunct banks of the United States
1271:First National Bank (Philadelphia)
876:"Wachovia pays $ 25bn for 'jewel'"
14:
1594:1929 establishments in California
1494:Wells Fargo cross-selling scandal
1458:Wells Fargo Center (Philadelphia)
1418:Wells Fargo Center (Portland, OR)
1403:Wells Fargo Center (Jacksonville)
1231:Bowles Hollowell Conner & Co.
325:company, with 5 women and 4 men.
1530:
1518:
1507:
1506:
1413:Wells Fargo Center (Minneapolis)
1408:Wells Fargo Center (Los Angeles)
1088:
902:Moore, Heidi N. (July 8, 2008).
874:Litterick, David (May 9, 2006).
619:Bryant, Adam (October 1, 1997).
586:Perry, Gerald (August 3, 1975).
1423:Wells Fargo Center (Sacramento)
726:Lepro, Sara (October 6, 2008).
409:The October 4, 2008 episode of
1463:Wells Fargo Tower (Birmingham)
1178:Wells Fargo Insurance Services
443:"10-K filings for Golden West"
1:
1584:2006 mergers and acquisitions
1201:ABD Insurance & Financial
283:Growth in the 1970s and 1980s
1579:Banks disestablished in 2006
1433:Wells Fargo Center (Seattle)
1362:Allspring Global Investments
287:The expanding popularity of
1453:Wells Fargo Plaza (Phoenix)
1448:Wells Fargo Plaza (Houston)
1443:Wells Fargo Plaza (El Paso)
1398:Wells Fargo Center (Denver)
963:The San Francisco Chronicle
107:; 18 years ago
80:; 61 years ago
1615:
1377:Tillie the All-Time Teller
1296:Garden State National Bank
97:Herbert and Marion Sandler
1574:Banks established in 1929
1502:
1261:First Commerce Bancshares
1175:Wells Fargo Home Mortgage
1086:
1054:
1002:Archived official website
1311:Halsey, Stuart & Co.
1266:First Interstate Bancorp
384:subprime mortgage crisis
334:adjustable-rate mortgage
292:the name World Savings.
1316:National Bank of Alaska
1276:First Pennsylvania Bank
911:The Wall Street Journal
550:Golden West Financial.
298:savings and loan crisis
234:was the second-largest
1489:History of Wells Fargo
1393:One Wells Fargo Center
1206:Atlantic National Bank
1181:Wells Fargo Securities
357:magazine. By the time
89:in Oakland, California
1326:Prudential Securities
1306:Golden West Financial
1301:Georgia Railroad Bank
1291:Florida National Bank
1251:Evergreen Investments
1246:Crocker National Bank
1226:Bank of North America
1196:Abbot-Downing Company
1189:Historical components
1172:Wells Fargo Financial
450:Golden West Financial
351:services business by
262:Golden West Financial
232:Golden West Financial
20:Golden West Financial
1241:CoreStates Financial
1165:Wells Fargo Advisors
1150:Suzanne M. Vautrinot
792:Wachovia Corporation
760:Wachovia Corporation
365:Takeover by Wachovia
123:acquired by Wachovia
1346:Wachovia Securities
938:Saturday Night Live
881:The Daily Telegraph
412:Saturday Night Live
304:The 1990s and 2000s
252:Oakland, California
197:Number of employees
153:Number of locations
142:Oakland, California
21:
1473:Duke Energy Center
1129:Theodore F. Craver
1099:Board of directors
1012:. FundingUniverse.
986:. October 7, 2008.
853:The New York Times
799:on August 26, 2007
626:The New York Times
529:The New York Times
314:The New York Times
256:Madera, California
240:World Savings Bank
52:Financial services
1546:
1545:
1438:Wells Fargo Place
1355:Former components
1221:Bank of Baltimore
1147:Ronald L. Sargent
983:Los Angeles Times
767:on August 8, 2007
733:The Seattle Times
508:. pp. 94–99.
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1169:Wells Fargo Bank
1141:Richard B. Payne
1126:Celeste A. Clark
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289:savings and loan
236:savings and loan
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1144:Juan A. Pujadas
1138:Maria R. Morris
1135:Donald M. James
1132:Wayne M. Hewett
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596:. pp. B–10
593:The Modesto Bee
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191:$ 124.6 billion
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994:External links
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978:"Show Tracker"
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827:. June 5, 2019
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704:. May 8, 2006
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653:. p. 23.
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560:. pp. A3
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1119:Steven Black
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917:December 25,
915:. Retrieved
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207:Subsidiaries
186:Total assets
138:Headquarters
58:Predecessors
25:Company type
1537:Wikiversity
1286:First Union
1075:Henry Wells
1048:Wells Fargo
606:Google News
570:Google News
389:Wells Fargo
342:refinancing
330:Freddie Mac
323:Fortune 500
276:Wall Street
258:, in 1912.
163:Area served
1553:Categories
1336:SouthTrust
1115:(chairman)
888:2010-08-16
831:January 9,
739:October 7,
676:2007-07-18
174:Net income
157:283 (2005)
43:: GDW
1386:Buildings
1367:H.D. Vest
1158:Divisions
670:CNN Money
632:April 27,
600:April 27,
564:April 27,
535:April 27,
487:April 22,
456:April 22,
391:in 2008.
128:Successor
35:Traded as
1513:Category
1341:Wachovia
1068:Founders
884:. London
803:July 18,
771:July 18,
708:July 18,
359:Wachovia
349:mortgage
319:Catalyst
132:Wachovia
48:Industry
1525:Commons
1482:History
1321:Norwest
1059:History
505:Fortune
354:Fortune
246:History
216:Website
110: (
102:Defunct
94:Founder
83: (
75:Founded
452:, 2005
28:Public
1109:(CEO)
446:(PDF)
423:Notes
201:11604
919:2008
861:2008
833:2020
805:2007
773:2007
741:2008
710:2007
634:2010
602:2010
566:2010
537:2010
489:2010
458:2010
382:The
310:CEOs
270:and
223:.com
120:Fate
112:2006
105:2006
85:1963
78:1963
41:NYSE
943:NBC
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