A year later the S&L changed its name to California Federal and moved its headquarters to the Miracle Mile area of Los Angeles, when it embarked on a dramatic period of growth.
Two years later, Cal Fed occupied as its headquarters the lower half of the 27-story California Federal Plaza at 5670 Wilshire Blvd.
In 1980, as bank deregulation began, California Federal was the fourth largest S&L in the state, with assets of $6.1 billion, deposits held in more than 800,000 savings accounts, and mortgages on 150,000 homes.
[2] About this period, the association began to officially use its widely known nickname (CalFed) for marketing purposes on a limited basis.
During the early 1980s, CalFed took advantage of new powers granted to S&Ls, including the issuance of adjustable-rate mortgages, checking accounts (negotiable orders of withdrawal), consumer loans and credit cards, as well as insurance and trust services through subsidiaries.
In 1983, it converted from mutual to stock-ownership by raising $387 million—in what was then the second-largest IPO in the United States (exceeded only by the initial offering of Ford Motor Company).