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Federal Loans and Mortgages

Who bought out western federal savings and loan?

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October 02, 2009 5:40AM

Answer

Bank of America

If you are referring to the Western Federal Savings & Loan headquartered in Marina del Rey, CA, BofA did not buy them out. They were taken over by the OTS in 1983 and subsequently, through a series of law suits, proved they were not unhealthy and did not deserve a government take over. By then, however, it was too late to reopen as the OTS sold off all the assets and branches. What a shame - it was a great company that most employees, to this day, say was the best company they ever worked for.