![]() ![]() ![]() ![]() During his tenure as chairman of the Federal Reserve Board, when he battled the Great Inflation of the 1970s. In the meantime, the two heads of Westcoast worked rapidly to do as much due diligence on First United as possible before they sat down with its founders. Over the course of nearly half a century, five American presidents-three Democrats and two Republicans-have relied on the financial acumen, and the integrity, of Paul A. They agreed to meet with Herbert and Walther in San Francisco. Nevertheless, he and his business partner, Jack Ingram, were intrigued when Dirkson contacted them. ![]() Weiner was in his mid-60s and considering retirement, but he had not put his company up for sale. If Westcoast happened to be in the market to buy a thrift, which would he consider the best opportunities? Dirkson responded with three names, including Steve Weiner’s First United in Los Angeles. While developing a thorough understanding of industry regulations, Herbert had met Roger Dirkson, an officer of the California Association of Thrift & Loan Companies, and later called him for advice. “Grandfathering” Westcoast, through a reverse merger, into an acquired institution with an older charter would then allow for higher leverage limits. He concluded, however, that in order to support future growth he should explore purchasing a well-established thrift, rather than lobby to change existing limitations for newer ones like Westcoast. As year-end 1980 approached, Herbert continued to focus his energy on growing the business. ![]()
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