Herbert Sandler

Herbert Sandler was an American banker and philanthropist who, alongside his wife Marion Sandler, co-founded and led the highly successful Golden West Financial Corporation. A native of New York City, he built a major thrift institution known for its conservative lending practices before selling it to Wachovia in 2006 for a landmark sum. Following the sale, he and his wife became prominent philanthropists, founding the Sandler Foundation and supporting a wide array of causes in medical research, progressive politics, and journalism.

Early life and education

Herbert Sandler was born on November 16, 1931, in New York City to a Jewish family. He attended public schools in the Bronx before pursuing higher education at the City College of New York, where he earned a Bachelor of Arts degree. He subsequently enrolled at Columbia Law School, graduating with a Bachelor of Laws degree. His early professional years were spent practicing law in New York City, where he developed the analytical skills that would later underpin his banking career.

Career

After working as an attorney, Herbert Sandler transitioned to the financial services industry. In the early 1960s, he and his wife Marion Sandler sought to acquire a small financial institution. Their search led them to California, where in 1963 they purchased Golden West Financial, a struggling savings and loan association based in Oakland. Sandler served as co-chief executive officer alongside his wife, with him often focusing on strategic financial management and risk assessment. Their partnership defied the conventional corporate structures of the era and established a unique management model.

Golden West Financial

Under the leadership of Herbert and Marion Sandler, Golden West Financial grew from a two-branch operation into one of the largest thrift institutions in the United States, operating under the iconic World Savings Bank brand. The company was renowned for its disciplined underwriting, avoiding the risky subprime mortgage products that plagued competitors. This conservative approach, emphasizing traditional adjustable-rate mortgages, resulted in consistently strong performance and profitability. In 2006, in one of the largest banking deals of its time, Sandler and his wife sold Golden West Financial to Wachovia for approximately $24 billion, cementing their legacy in American finance.

Philanthropy and activism

Following the sale of Golden West Financial, Herbert Sandler dedicated himself to philanthropy through the Sandler Foundation. He and his wife provided transformative gifts to institutions like the University of California, San Francisco, funding the Sandler Neurosciences Center. They were major supporters of progressive causes, founding the Center for American Progress and the ProPublica newsroom, which focuses on investigative journalism. Sandler also supported medical research organizations such as the American Asthma Foundation and was a significant donor to the ACLU and various human rights initiatives.

Personal life and death

Herbert Sandler married Marion Osher in 1961, and their personal and professional partnership lasted over five decades until her death in 2012. The couple had two children and were known for their modest lifestyle despite their considerable wealth. Sandler was a resident of San Francisco for many years. He died on June 5, 2019, in San Francisco from complications of pneumonia, leaving behind a substantial legacy in both the banking industry and the world of strategic philanthropy.

Category:American bankers Category:American philanthropists Category:1931 births Category:2019 deaths