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This entry refers to a departed business — a business that has closed or left town. Information here is mostly for historical reference. |
From a phone book ad.
| Former Location |
| 1520 Mission Street, Santa Cruz, CA 95060-4741 |
| Hours |
| (9-4 M-Th: till 6pm on Friday.) |
| Phone |
| (408) -Old area code for Santa Cruz-] |
| Website |
| [none] |
| Owner(s) |
| Chairman: David L. Butler |
| Business Lifespan |
| 1896-1985*/1985-1988 |
| Payment Methods |
| Checks, money orders, credit cards, travel cheques, cash, and letter of credit. |
Headquartered in San Mateo, CA Bell Savings and Loan had nineteen branch offices statewide. It was one of the wealthiest savings and loan companies in the state and among the oldest in California. In 1984, Bell Savings and Loan was losing money. Bell Savings & Loan, declared insolvent in July, 1985*. Bell Savings and Loan, had losses totaling $495 million. Chairman and partner, David Butler had used corporate funds to buy expensive racing airplanes for his exclusive use. Butler pleaded guilty to two felony counts. Most of the losses were due to bad loans.
On September 28, 1988 Western Federal Savings and Loan, acquired the final assets of Bell Savings and Loan. All branches were re-named. The Santa Cruz branch continued to operate until 1993 as Western Federal Savings and Loan.
*In 1985 it re-organized after filing Chapter 11. Technically becoming a different company.
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