FarWest Shake-Up: In the first major step...

FarWest Shake-Up: In the first major step to downsize operations, FarWest Savings & Loan said it has sold its mortgage banking division to the two managers who built the unit up over the last five years. The thrift’s nine loan-origination offices throughout the state will become part of FarWest Residential Services on Jan. 2, said Wendell C. Shirk, the new firm’s executive vice president. The cost of the deal, which was agreed to on Dec. 4, was not disclosed. The S&L;’s parent company, FarWest Financial Corp. in Beverly Hills, took a minority interest in the new partnership headed by Shirk and Cliff Piscitelli, president of FarWest Residential.