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The average salary at Downey Savings & Loan (based on 381 user-submitted salaries) is $55K. A total of 42 Downey Savings & Loan employees gave the company an average salary satisfaction rating of 4.4 out of 5.

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$55K
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381 salary points
4.4
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42 reviews

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Downey Savings & Loan Careers & Info

Status: Out of business as of November 2008

Last CEO: Thomas E. Prince

Newport Beach, California-based company Downey Savings and Loan offered banking services, home mortgages, refinancing, and other loan products to consumers. It was founded in 1957 in Downey, California. Downey S&L was considered a stable and successful company for many years but succumbed to the economic downturn of the late 2000s and to changes in mortgage industry regulations. While in business, Downey employed licensed loan officers, underwriters, customer service representatives, bank tellers, and other banking support staff. The company was taken over by the FDIC in 2008 and was sold to U.S. Bancorp.

For many years, Downey careers were prized in the banking and mortgage industry. Downey offered employees training and advancement opportunities. Many high school graduates were able to find entry-level positions in the company and eventually advanced to become loan officers or department managers. Downey S&L promoted actively from within the company and could generally offer employees relocation opportunities when necessary. Working at Downey provided many banking and mortgage professionals with their first experience in this field. When the company was sold, many of its employees followed their previous bosses to new companies and continued their careers in this field.

As with most banking and mortgage companies, employment at Downey S&L could be stressful at times. However, many employees enjoyed the Downey Savings and Loan culture. Emphasis was placed on maintaining a good balance between home and work, and employees were offered some paid time off and the opportunity to take leave time when needed. Compensation at Downey was commensurate with that of other similar companies in the same industry. Employee compensation and advancement were calculated on a strict scale and were overseen by a corporate human resources department. Larger banking centers employed human resources managers to handle on-site personnel operations as well. Regional managers oversaw the operations of groups of banking centers.

Most employees were offered a Downey benefits package that included health insurance, life insurance, and vacation time. Career training and advancement opportunities were offered to employees who had spent several years with the company and who had proved to be valuable assets in their departments. Downey S&L employed a team of trainers who traveled to various branches to provide training to new employees and training updates to existing employees. While career advancement opportunities were available, many employees found that advancement required a long time investment with the company.
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