The end of the 43-year reign of Golden West Financial Corp. (GDW)'s co-chief executives, Herb and Marion Sandler--the only married couple running a Fortune 500 business, is coming to a close with the company's sale to Wachovia Corp. (WB).
The sale to Wachovia is expected to be completed in October, contingent on regulatory approval. The acquisition would strengthen the presence of Charlotte, N.C.-based Wachovia in California and other Western states as it snaps up the nearly 300 branches and $134 billion in assets held by the World Savings franchise.
Allan Bortel, a Golden West shareholder for more than 30 years, thought the proceedings important enough to videotape for his grandchildren.
"There has never been anything like [Golden West] and I don't know there will ever be the likes of it again," said Bortel, a retired savings and loan analyst who credits the Sandlers for helping him understand the industry.
The couple say they will devote much of their attention to ensuring that the Golden West workers laid off in the takeover find new jobs. The Sandlers are hoping that only a few hundred of the company's 13,000 workers are jettisoned after Wachovia takes control.
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