Downey Savings & Loan
Downey Financial Corp., incorporated on October 21, 1994,
operates as the bank holding company of Downey Savings and Loan Association (the
Bank). The Bank was formed in 1957 as a California-licensed savings and loan
association and converted to a federal charter in 1995. As of December 31, 2002,
it conducts its business through 165 retail deposit branches, including 93
full-service, in-store branches. Historically, the Company's lending activities
have primarily emphasized its origination of first mortgage loans secured by
residential properties and retail neighborhood shopping centers. To a lesser
extent, its lending activities have emphasized the Company's origination of real
estate loans secured by multi-family and commercial properties, including land
and other properties with income producing capabilities.
In addition, the Company has provided construction loan financing for
single-family and multi-family residential properties and commercial retail
neighborhood shopping center projects. These construction loan financings have
included loans to joint ventures, which were being engaged in by DSL Service
Company, a wholly owned subsidiary of the Bank, with other participants. The
Company also originates loans to businesses through its commercial banking
operations.
The Company originates automobile loans directly through its branch network. The
Company's primary focus continues to be its origination of adjustable-rate
single-family mortgage loans for portfolio, including sub-prime loans that carry
higher interest rates.
The Company's banking activities focus on attracting funds from the general
public and institutions, and originating and investing in loans, primarily
residential mortgage loans, investment securities and mortgage-backed
securities. These mortgage-backed securities include mortgage pass-through
securities issued by other entities and securities issued or guaranteed by
government-sponsored enterprises such as the Federal National Mortgage
Association, the Federal Home Loan Mortgage Corporation and the Government
National Mortgage Association. The Company's primary sources of revenue from its
banking business are interest it earns on loans, investment securities and
mortgage-backed securities; fees it earns in connection with loans and deposits;
gains on sales of its loans, investment securities and mortgage-backed
securities, and income it earns on loans and mortgage-backed securities it
services for investors.
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