SAN FRANCISCO -- A new savings and loan company opened for business Thursday with its president declaring there couldn't be a better time to start in the business, which has been in a general slump for the past six months.
Bruce Flanagan, cutting the ribbon for Pacific Coast Savings & Loan Association, said his new firm is 'the envy of the industry' because it has 'no questionable mortgage paper to haunt us.
'My optimism is shared by my 2l associates who believe, as I do, in the viability of the savings and loan system,' Flanagan said. 'We have 500 shareholders who also believe in our operational concepts.'
Pacific Coast Savings & Loan is capitalized at $2.5 million, with another $500,000 to be added soon, Flanagan said. Its office is located in the Shaklee Plaza, a new highrise development in downtown San Francisco.
Flanagan said he feels more secure being 'a small, single operation' than he would opening a string of offices.
'It gives us an opportunity to develop very personal relationships with our customers,' he said.
