Herbert M. Sandler

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Herbert M Sandler is the former Chairman and Chief Executive Officer of Golden West Financial Corporation and World Savings Bank. Sandler graduated from the City College of New York in 1951 and Columbia Law School in 1954. Additional biographical information is at www.herbsandler.com.

In 1963, Herb and wife Marion created Golden West Financial Corporation, a savings and loan holding company, to acquire Golden West Savings and Loan Association, the predecessor to World Savings Bank.[1] By the time of the company's sale in 2006, Golden West had grown into one of the largest thrifts in the U.S. with assets of approximately $125 billion, approximately 11,000 employees, 283 savings branches in ten states and lending operations in 39 states.[2] Under the Sandlers' management, Golden West produced compound annual earnings-per-share growth of approximately 19% during its 35+ year history.[3][4][5] The company was selected as the United States' most admired savings or mortgage institution 10 times in Fortune magazine's annual list of the nation's most admired companies.[6] The Sandlers were also named "2004 CEOs of the Year" by Morningstar, Inc.[7]

Golden West was sold in 2006 for approximately $25 billion to Wachovia Corporation.[8] The Sandlers owned about 10% of the company at the time of the sale, making their share of the sale price worth about $2.4 billion.[9] Prior to the closing of the sale to Wachovia, the Sandlers contributed approximately $1.3 billion to the Sandler Family Supporting Foundation, which was the second largest charitable contribution that year.[10]

Information about the Sandler Foundation is at www.sandlerfoundation.org. The Sandler Foundation has supported asthma and malaria research, as well as research to develop a treatment for Chagas disease, an insect-borne illness found in South America. The couple has also donated money to human-rights groups such as the American Civil Liberties Union and Human Rights Watch." [11] The Sandler Foundation also helped found ProPublica, an investigative reporting newsroom.

The Sandlers were included in the Forbes 2005 list of the world's richest people: "With wife, Marion, and brother-in-law Bernard Osher (see both) founded thrift-holding Golden West Financial in Oakland, Calif. in 1963. Banking chain concentrates on savings accounts, low-risk adjustable mortgages; holds loans in portfolio rather than selling into secondary market. With wife, gives to medical, educational causes, progressive Center for American Progress. Funded research to treat common maladies in Africa, including Chagas' disease and sleeping sickness."[12]

Married to Marion O. Sandler. Biographical information about Marion Sandler is at www.marionsandler.com

References


www.goldenwestworld.com www.herbsandler.com www.sandlerfoundation.org www.marionsandler.com