WESTERN
LEAGUE OF SAVINGS INSTITUTIONS MERGES
WITH CALIFORNIA BANKERS ASSOCIATION
Move unites
and strengthens power of California's banking industry under
CBA name
SACRAMENTO - September 7, 2001 - The California Bankers Association
(CBA) today announced its intended merger with the Western League
of Savings Institutions (WLSI). The merger was unanimously approved
by the WLSI and CBA boards and is pending membership approval.
The merger will be complete on October 1, 2001, at which time
the combined organization will operate under the CBA name.
"Because the financial services industry has evolved over
the past few years, there are fewer and fewer distinctions between
banks and savings institutions," said CBA chairman Dennis
Kern. "By combining our resources and moving forward as
one organization, we will be able to better serve our members,
the industry, and ultimately, our customers."
The combined organization will bring together the vast majority
of the banks, savings associations, industrial loan companies
and trust companies doing business in California. Among these
are the largest and most influential financial institutions
in the U.S., including Bank of America, California Federal,
Washington Mutual and Wells Fargo.
"This merger will allow the savings and banking industries
to unify their voices with decision-makers and better represent
the interests of the industry in policy decisions," said
Craig Blunden, chairman of WLSI. "We recognized that the
two organizations had similar positions on major financial issues
in California, and that joining together with CBA would truly
enhance our effectiveness and benefit our members."
In an effort to ensure that issues specific to savings institutions
are addressed within the new organization, CBA's current structure
will be expanded to include the formation of a Savings Institution
Committee, additional representation on CBA's Board of Directors,
and one seat on the Board's Executive Committee.
About WLSI
Established in 1890, the Western League of Savings Institutions
has provided leadership to the savings industry in legislative
advocacy, regulatory advocacy, education and public affairs
for over a century. The WLSI provides these and other services
to its members to help them compete and prosper in a rapidly
changing business environment. WLSI's membership includes 37
savings and loan associations.
Information about CBA
Established more than 110 years ago, the California Bankers
Association (CBA) is one of the largest state banking trade
associations in the country. CBA leads the way in developing
relevant educational and legislative solutions to some of California's
more pressing financial and banking issues, including financial
privacy, predatory lending, usage fees, and financial elder
abuse. CBA's membership includes more than 250 of California's
commercial, industrial and community banks and savings associations.
For further information, visit www.calbankers.com.
