Monday, September 16, 2013

The day Downey Savings ran out of options - OCRegister (subscription)

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The day Downey Savings ran out of options - OCRegister (subscription)
Sep 16th 2013, 07:02

Occasionally a customer still walks into a U.S. Bank branch in Orange County with a passbook from Downey Savings & Loan.

After completing a transaction, the teller will write out deposit amounts or other details by hand in the small document. A relic of the days before records were kept electronically, the passbook is one of the last vestiges of Downey, a lender that had made mortgage loans to Southern Californians for more than five decades.

Article Tab: J.P. Perfili, senior vice president and region manager, as seen through a 45-year-old vault at a U.S. Bank branch in Mission Viejo. He was an executive with Downey Savings & Loan, a large thrift in Newport Beach that failed in late 2008 during a wave of big bank failures.

J.P. Perfili, senior vice president and region manager, as seen through a 45-year-old vault at a U.S. Bank branch in Mission Viejo. He was an executive with Downey Savings & Loan, a large thrift in Newport Beach that failed in late 2008 during a wave of big bank failures.

CINDY YAMANAKA, ORANGE COUNTY REGISTER

Unable to survive the bad loan ...

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