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History Behind World Savings Bank


The San Francisco Chronicle has an interesting story of the co-CEO's Golden West Financial Corp, the parent of World Savings Bank. The co-CEO's are a married couple, Herb and Marion Sandler. They both were educated and worked in finance when they met in New York back around 1960. They married in 1961 and decided to move west. They bought the two-branch Golden West Savings in Oakland in 1963, and the company grew into the current Golden West Financial Corp. which was just recently purchased by Wachovia for $24 billion in cash and stock.

Now that World Savings is under Wachovia, I hope World will continue their high yield CD specials (see latest special 5.61% 7-month CD). I wonder if the Sandlers had any inputs into these CD specials. The article did say that they owed their success "to sticking to a few basic products and serving customers well" such as offering good rates on savings accounts.