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For more than 25 years, Golden Security Bank (“GSB”) has provided customized financial products and services to meet the needs in our community, earning nine consecutive years of “Super Premier Performing Bank” awards by noted financial industry consultants Findley Reports.
GSB opened for business on August 27, 1982 as Golden Security Thrift. GSB was organized as a California Industrial Loan Company under the laws of the State of California. It opened in Chinatown, Los Angeles, under the name Golden Security Thrift and Loan Association.
It was organized to provide financial services to businesses and consumers in our community. The Bank relocated to Alhambra, California, and became very profitable. The name was changed to Golden Security Bank when the Bank became regulated by the FDIC and qualified for federal deposit insurance through the Federal Deposit Insurance Corporation.
When the first industrial loan companies (as thrifts are more formally known) began in the early part of the 20th century, under what is now known as the Morris Plan, they provided loans to industrial workers. Banks tended to serve only businesses and middle-to-high-income individuals. Thrifts grew as they addressed a borrowing class considered unprofitable to larger commercial banks. Golden Security Bank’s loan portfolio has continued to reflect this history. Golden Security Bank has historically granted numerous smaller real estate loans, to individuals and small businesses that other institutions didn’t have the flexibility to make.
Golden Security Bank has been uniquely qualified to serve the credit needs of low- to moderate-income neighborhoods. The Community Reinvestment Act (CRA) was passed in 1977 to mandate and encourage the nation’s financial institutions to identify and help meet the credit needs of their local communities, including low-to- moderate-income neighborhoods. Consequently, Golden Security Bank has supported the spirit and intent of the Community Reinvestment Act (CRA).
The Bank grants loans to its customers, in the primary market area of Los County, California and portions of Orange County, the Inland Empire, and San Diego County. The Bank currently operates one office located in Rosemead.
In recent years the Bank has focused on real estate loans originated through brokers located throughout the Bank’s serving area. Most of these loans are geared toward low-to-moderate-income borrowers. Golden Security Bank maintains its entrepreneurial approach to the marketplace, and has the capacity for a rapid response and ability to adjust to market conditions. A strong commitment to customer service has helped attract both depositors and borrowers.
In October 2005, we moved our Headquarters to a more spacious and convenient locations within the City of Rosemead, California. The Bank enjoys an excellent reputation for customer service and responsiveness. While budget restrictions have limited the amount of advertising and type of promotional activities, the Bank has increased community awareness through the involvement of Bank officers and directors in community organizations and events.
Our most important assets are our Staff. Their skills and proven expertise provide ensure customers receive personalized quality service. Our products and services are designed and competitively priced with greater flexibility to meet the needs of our customers,
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