in May 1992. In September 1993, Great Western announced that they were selling its Visa credit card operations to Associates Corporation of North America, part of the Ford Financial Services Group, which issues credit cards through Associates National Bank in Delaware. On January 17, 1994, Great Western's administrative campus in Chatsworth, California was particularly affected by the Northridge earthquake. Despite the quake, that year's profits quadrupled, thanks to the need for lower loss reserves and the gain on the sale of its 31 branches on Florida's Gulf Coast. In 1995, Great Western's chairman James Montgomery passed the office of CEO to president John Maher, who accelerated the drive toward banking services. In 1996, the company announced a $115 million restructuring program that would eliminate 800 jobs, consolidate mortgage banking branches, and install new technology. Later that year, Great Western sold its student loan business to Crestar Bank. Expansion in California In January 1982, Great Western announced the pending acquisition of Palo Alto-based Northern California Savings & Loan Association with its 61 offices for $61 million in stock. The acquisition was completed in August 1982. In August 1986, Great Western announced the pending acquisition of 119 out 136 Southern California branch offices of the failed San Diego-based HomeFed Bank from the Resolution Trust Corporation for $151 million. In October 1986, American Savings, a unit of Financial Corp. of America, announced that they were purchasing 13 offices plus the deposits of two offices that were being closed from Great Western for an undisclosed amount. All of the affected branch offices were located in Northern California. In March 1991, Great Western announced the pending acquisition of the deposits and 28 branches of the failed Irvine-based Lincoln Savings and Loan Association from the Resolution Trust Corporation for $12.1 million. In November 1991, Great Western announced the pending acquisition of five offices of the Woodland Hills-based Republic Federal Savings & Loan for an undisclosed amount. The acquisition was completed in March 1992. In June 1994, Citicorp announced that they were selling the deposits of six San Diego County branches of Citibank, FSB, to Great Western Bank for an undisclosed amount. Expansion in Florida Great Western made its first expansion outside of California in February 1986 by the announcement of the pending acquisition of the failed Jacksonville Beach-based Intercapital Savings Bank from the Federal Savings and Loan Insurance Corporation for $20.9 million. In August 1986, Great