The Los Angeles Times from Los Angeles, California • 33

SAN DIEGO COUNTY BUSINESS Tuesday. March 20. 1984 Cm AnfleU Sitae CCPart IV A Property Developer to Buy Escondido Savings Loan By ANTHONY RAMIREZ, San Diego County Business Editor Revision Hikes Tourism Count for San Diego OF 7 if jT Escondido Savings and Loan said Monday that it had agreed in principle to be acquired for $6.3 million by a Newport Beach real estate developer. Roy Carver III, principal owner of Newport Beach -based Carver Development, a commercial real estate development firm with operations in several states, plans to pay about $31 a share for the thrift. The association was started in July, 1380, with an initial capitalization of $2 million at $10 a share.

"We weren't looking to sell the association," said Michael Hoerr. president and chief executive officer of Escondido Savings. "They sought us out." Alan S. Rich, chairman and founder of Escondido Savings, said that Carver's offering price was attractive. "We have about 450 families in Escondido, Rancho Bernardo and San Marcos who have invested with us," Rich said, referring to the thrift's shareholders.

"Now is the time to get a real good return after a four-year period." Earnings Increase The $31-a-share purchase price may increase if Escondido Savings shows a profit between Dec. 31, 1983. and the closing of the transaction, which is scheduled for some time in the second half of this year. Hoerr said. Escondido Savings earned $125,630 last year, or nearly seven times the year-earlier $18,358.

Carver could not be reached for comment. Current management, including Rich. Hoerr and the others on the eight -member board of directors, will remain with the thrift. "The buyers will continue the local fla vor." Rich said. Escondido Savings has about 20 employees, and offices in Rancho Bernardo and Escondido and a third approved but unopened branch in San Marcos.

The thrift had assets, as of Feb. 29, of about $25 million, more than double the year-earlier $11.7 million. Deposits, as of the same date, were $22.5 million, more than double the year-earlier $9.4 million. Current net worth is about $2.2 million, up 5 from the year-earlier net worth of about $2.1 million. In 1981 Escondido Savings had planned to merge into Sun Savings and Loan Assn.

in University City, but didn't go through with the transaction. Rich said the merger didn't proceed because of the two thrifts' differing management philosophies. Faster Growth "They wanted to grow much more quickly than we did," said Rich. Sun, which started about the same time as Escondido Savings, has current assets of about $350 million. Sun wanted a large number of "jumbo" certificates of deposits of $100,000 or more.

Most of these appeared to be controversial brokered funds, or huge deposits raised by third-party money brokers. Federal thrift regulators have sharply criticized such funds for encouraging thrifts to make risky investments and thus endangering their financial health. "We didn't want that," Rich said. Escondido Savings, he said, has less than 20 of its deposits in jumbo certificates of deposits and almost none of these are brokered funds. By BILL RITTER.

Times Staff Writer The old adage that says figures don't lie but liars figure may need some refiguring. Figures sometimes do lie, or at least mislead, the San Diego Convention Visitors Bureau (Con Vis) believes. Con Vis contends that its monthly visitor industry statistics have erred conservatively because of an outdated 10-year-old computer model used in calculating industry performance. As a result. ConVis and CIC Research, the local economic research firm that compiles and calculates the monthly data, have updated the model.

And the industry's performance figures are actually much better than previously announced, resulting in a nearly 40 rise in 1983 visitor spending and a nearly 60 rise in total visitors. That the figures have been revised and increased within weeks of criticism directed at ConVis by the Hotel -Motel Assn. is "purely coincidental; it wasn't planned." according to Beth Ellis. ConVis' chief research analyst. Submitted Recommendations Last month the association, believing that ConVis could do more to lure hotel guests here, presented a marketing and management-action plan to ConVis.

giving the bureau six months to follow the plan. One of the recommendations was that Con-Vis improve the accuracy of its published data. The association also urged its 150 Flease sc TOURISM, Pf JOEL ZW1NK Oak Chairman Everitt Carter, whose company's may be among the activities under investigation dealings with his wife's interior decorating firm by the Securities and Exchange Commission. Oak Industries Under Investigation by the SEC By BILL RITTER. Timet Staff Writer Oak Industries confirmed Monday that it has been under investigation by the Securities and Exchange Commission since last summer, but officials of the Rancho Bernardo-based media conglomerate say they do not know the scope of the inquiry or how long it may last The SEC has subpoenaed documents "but we don't really know what they are looking into," said Carl Bradshaw, Oak's chief legal officer.

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