Savings of Santa Barbara (1969), and Victory Savings of North Hollywood (1970). Citizens Savings & Loan of Santa Barbara was founded in 1887, which Great Western later used as its foundation date. In 1969, California changed their savings and loan association branching law to permit statewide branching. Prior to this change, branch offices were restricted to be within a 100-mile radius from their head office. When the new law went into effect at the beginning of 1970, Great Western Financial promptly merged First Savings in Oakland (Northern California) and Central Savings in San Luis Obispo (Central California) into Great Western Savings (Southern California), to form a single statewide savings and loan operating unit with 33 offices. In 1970, Great Western acquired the financial troubled LFC Financial Corp. and its Equitable Savings subsidiary for $35 million worth exchange of stock. The acquisition made it the second largest savings and loan association in the country at that time. To satisfy federal anti-trust concerns, Great Western was required to sell 2 offices to State Mutual Savings (a subsidiary of Far West Financial Corp.) and 1 office to Home Federal Savings of San Diego. The company received some financial assistance in the acquisition from the FSLIC. In March 1971, the company acquired Sentinel Savings of San Diego. In September 1971, Great Western Financial asked state state saving and loan commissioner for his permission to allow the merger of Great Western Savings of Southern California, Great Western Savings of Central California, Great Western Savings of San Diego, Great Western Savings of Santa Barbara, and Great Western Savings of North Hollywood into its main subsidiary, Great Western Savings & Loan Association. In 1970 and 1971, Great Western purchased four additional California savings and loan establishments. 1980s-1990s In the aftermath of the savings and loan crisis of the 1980s and 1990s, Great Western acquired many failed savings and loan offices from the Resolution Trust Corporation. In December 1985, Great Western moved some administrative functions into a building that it partially owns in Chatsworth. In October 1989, Great Western announced that they plan to move their headquarters to a yet to be built 10-story executive office building on a 20-acre site in Chatsworth that is adjacent to an existing nine-building service center with plans of selling their current Beverly Hills headquarters building. Great Western finally moved out of their Beverly Hills headquarters to their new headquarters in Chatsworth