BANKING/FINANCE
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Anaheim developer James A. Carter has formed Beach Holding Corp. as the parent operation for Beach Savings Bank in Huntington Beach.
Carter can use the holding company to facilitate future acquisitions and create subsidiaries for business activities that savings and loans cannot engage in directly. Carter, however, has “nothing planned in the immediate future” for acquiring another S & L or creating any subsidiary, said Ernest Thompson, president of Beach Savings.
Carter, who with his wife, Sharon, owns 98.7% of the S & L’s stock, will exchange that stock for 100% of Beach Holding stock as soon as regulators approve the formation of the holding company.
Beach Savings had $60 million in assets at the end of 1987 and posted net income of $54,000 last year.
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