This entry refers to a departed business — a business that has closed or left town. Information here is mostly for historical reference.


From a 1991 phone book.

Former Location
115 Cooper St., Santa Cruz, CA
7851 Soquel Drive, Aptos, CA
8044 Soquel Drive, Aptos, CA
6265 Highway 9, Felton, CA
Former Owners
(enter former owners)
Business Lifespan
circa 1985-1993 (in Santa Cruz County)

American Savings came to Santa Cruz County by acquiring the branches of Sears Savings in 1985. The Cooper Street address was a temporary office. In 1988 the federal regulators deemed American Savings, "...the most costly rescue of a single savings association."

As part of the transactions, the assets of American Savings were divided into two separate saving units, often referred to as a good bank and a bad bank. The American Savings Bank will house the institution's $14 billion in retail deposits and will have total assets of $16 billion, primarily invested in home mortgages. The bad bank, called the New West Federal Savings and Loan Association, will have the old American Savings' $15 billion portfolio of mortgage-backed securities that are financed by high-cost brokered deposits and other capital market borrowings, like reverse repurchase agreements.

The bad bank was to liquidate the mortgage securities portfolio, which had a loss of about $1.1 billion. New West Federal Savings and Loan Association is currently closed (since 1998-10-08) and was never listed in Santa Cruz County.

After the branches closed, American Savings kept a loan office at 8044 Soquel Drive until about 1993. The branches in Santa Cruz County were acquired by Coast Federal Bank.

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