BANKING / FINANCE
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American Savings Bank has formed a new subsidiary in Irvine to offer investment and insurance services to customers through its statewide network of 179 branches.
Formation of the new subsidiary, ASB Financial Services Inc., marks the resumption of services that the old American Savings & Loan had provided customers. ASB will offer a variety of brokerage products from stocks and bonds to mutual funds and annuities, said Craig S. Davis, 38, the subsidiary’s president.
Old American Savings was an insolvent S&L; that was dismantled late last year in a $1.7-billion federally assisted sale to the Bass Group in Ft. Worth, Tex. Operating from the same Irvine headquarters of American S&L;, the new owner oversees American Savings Bank, which consists of old American’s good assets, and New West Federal Savings, a self-liquidating S&L; consisting of old American’s bad assets.
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