Louis Galen
Encyclopedia
Louis "Lou" J. Galen was an American
philanthropist
. Before he retired he was a successful banker and CEO of Golden West Financial Corporation.
Galen moved to Los Angeles
at age 6 with his mother, Faye Roberts, from Youngstown, Ohio
, after his father died. He grew up in West Los Angeles, graduating from Fairfax High School
. During World War II, he served as a bombardier
in the Army Air Forces, flying missions in Europe.
After the war, Galen used $12,000 in military pay to help found Lynwood Savings and Loan in 1946 with his mother, Faye Roberts, and various family members. At the same time he attended the University of Southern California Law School
on the GI Bill, graduating with an LL.B. in 1951. He practiced law briefly, before focusing on a career in business, initially getting involved in homebuilding as well as the savings and loan industry. In 1959 his mother and Louis formed Trans World Financial Corporation as a holding company
for World Savings, and he and his mother took Trans World public. By 1960, while his mother remained chairman of the board, he became president of Lynwood Savings and Loan, changing its name to World Savings. Trans World (World Savings) merged with Golden West Financial (Golden West Savings and Loan) of Oakland
in 1975 and the merged savings and loan grew into a multi-state institution. Galen retired on September 6, 2005 at age 80. A year after his retirement, Golden West Financial was acquired by Wachovia
for $25 billion. In addition, Galen was separately the chairman of Transworld Bank, a commercial bank in the San Fernando Valley
; it was sold to Glendale Federal in 1997.
Galen followed a conservative approach to business, which provided protection from the boom-and-bust cycles that victimized many of his competitors. His corporate board at one time included Alan Greenspan
, an economist who would go on to be Chairman of the Federal Reserve
.
Galen was a longtime fan of the USC Trojans
, buying his first football season tickets in 1947. He never played sports for USC, but had been a fan since boyhood, when he worked at the Coliseum
as a hot dog
vendor at Trojan football games. He proposed to his wife in front of 3,000 people at a USC/Notre Dame
football rally and had the wedding band perform Fight On
at his wedding. He presented her a Spirit of Troy
marching band helmet on their wedding day; it was his second marriage. Galen's marriage to his first wife, the former Dena Wallerstein, with whom he had three children, ended in divorce.
In 1997, Galen suffered complications after heart surgery to replace a valve and was in a coma for 42 days; after he recovered he decided that he wanted to give away most of his money. Later that year, Galen and his wife donated $1.25 million to USC to establish a student athlete dining and social activity hall. In 2000 he donated an additional $300,000 for a ceramics studio in the USC School of Fine Arts; the also endowed the Helene V. Galen Intermedia Lab.
Galen's most notable donations were to build USC's on-campus basketball
and volleyball
arena: the 10,258 seat Galen Center
, which opened on October 12, 2006. USC had planned to build a substantial on-campus basketball arena for over 100 years. As a student, Galen attended USC Men's Basketball
games in the Shrine Auditorium
and Pan-Pacific Auditorium
and felt that the team required a better facility. After USC football quarterback
Carson Palmer
won the 2002 Heisman Trophy
, Galen donated $10 million to move the development process forward. On August 28, 2003, Galen donated an addition $25 million to the project to have the building named after himself and his wife. The Galens upped their donation an additional $15 million to make sure that a connected practice facility would also bear their name, bringing the total donation to $50 million.
In addition to USC, the Galens also contributed to the Palm Springs Art Museum, Eisenhower Medical Center
, the Barbara Sinatra Children's Center, the McCallum Theatre, the Jewish Federation
of Los Angeles, the Anti-Defamation League, Hebrew University and Cedars Sinai Medical Center.
Galen was married for over thirty years to his wife Helene, and had a family that includes five children and 11 grandchildren. He died on November 12, 2007 at his home in Rancho Mirage
after a brief illness, he was 82. He is buried in the Desert Memorial Park
in Cathedral City, California
.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
. Before he retired he was a successful banker and CEO of Golden West Financial Corporation.
Galen moved to Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
at age 6 with his mother, Faye Roberts, from Youngstown, Ohio
Youngstown, Ohio
Youngstown is a city in the U.S. state of Ohio and the county seat of Mahoning County; it also extends into Trumbull County. The municipality is situated on the Mahoning River, approximately southeast of Cleveland and northwest of Pittsburgh, Pennsylvania...
, after his father died. He grew up in West Los Angeles, graduating from Fairfax High School
Fairfax High School (Los Angeles)
Fairfax High School is a Los Angeles Unified School District high school located in Los Angeles, USA, near the border of West Hollywood in the Fairfax District of Los Angeles...
. During World War II, he served as a bombardier
Bombardier (air force)
A bombardier , in the United States Army Air Forces and United States Air Force, or a bomb aimer, in the Royal Air Force and other Commonwealth air forces, was the crewman of a bomber responsible for assisting the navigator in guiding the plane to a bombing target and releasing the aircraft's bomb...
in the Army Air Forces, flying missions in Europe.
After the war, Galen used $12,000 in military pay to help found Lynwood Savings and Loan in 1946 with his mother, Faye Roberts, and various family members. At the same time he attended the University of Southern California Law School
University of Southern California Law School
The University of Southern California Law School , located in Los Angeles, California, is a law school within the University of Southern California...
on the GI Bill, graduating with an LL.B. in 1951. He practiced law briefly, before focusing on a career in business, initially getting involved in homebuilding as well as the savings and loan industry. In 1959 his mother and Louis formed Trans World Financial Corporation as a holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
for World Savings, and he and his mother took Trans World public. By 1960, while his mother remained chairman of the board, he became president of Lynwood Savings and Loan, changing its name to World Savings. Trans World (World Savings) merged with Golden West Financial (Golden West Savings and Loan) of Oakland
Oakland, California
Oakland is a major West Coast port city on San Francisco Bay in the U.S. state of California. It is the eighth-largest city in the state with a 2010 population of 390,724...
in 1975 and the merged savings and loan grew into a multi-state institution. Galen retired on September 6, 2005 at age 80. A year after his retirement, Golden West Financial was acquired by Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
for $25 billion. In addition, Galen was separately the chairman of Transworld Bank, a commercial bank in the San Fernando Valley
San Fernando Valley
The San Fernando Valley is an urbanized valley located in the Los Angeles metropolitan area of southern California, United States, defined by the dramatic mountains of the Transverse Ranges circling it...
; it was sold to Glendale Federal in 1997.
Galen followed a conservative approach to business, which provided protection from the boom-and-bust cycles that victimized many of his competitors. His corporate board at one time included Alan Greenspan
Alan Greenspan
Alan Greenspan is an American economist who served as Chairman of the Federal Reserve of the United States from 1987 to 2006. He currently works as a private advisor and provides consulting for firms through his company, Greenspan Associates LLC...
, an economist who would go on to be Chairman of the Federal Reserve
Chairman of the Federal Reserve
The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as "Chairman of the Fed," or in market circles "Fed Chairman" or "Fed Chief"...
.
Galen was a longtime fan of the USC Trojans
USC Trojans
The USC Trojans are the athletic teams representing the University of Southern California in Los Angeles, California. While the men's teams are nicknamed the Trojans, the women's athletic teams are referred to as either the Trojans or Women of Troy...
, buying his first football season tickets in 1947. He never played sports for USC, but had been a fan since boyhood, when he worked at the Coliseum
Los Angeles Memorial Coliseum
The Los Angeles Memorial Coliseum is a large outdoor sports stadium in the University Park neighborhood of Los Angeles, California, at Exposition Park, that is home to the Pacific-12 Conference's University of Southern California Trojans football team...
as a hot dog
Hot dog
A hot dog is a sausage served in a sliced bun. It is very often garnished with mustard, ketchup, onions, mayonnaise, relish and/or sauerkraut.-History:...
vendor at Trojan football games. He proposed to his wife in front of 3,000 people at a USC/Notre Dame
University of Notre Dame
The University of Notre Dame du Lac is a Catholic research university located in Notre Dame, an unincorporated community north of the city of South Bend, in St. Joseph County, Indiana, United States...
football rally and had the wedding band perform Fight On
Fight On
"Fight On" is the fight song of the University of Southern California. It was composed in 1922 by USC dental student Milo Sweet, with lyrics by Sweet and Glen Grant, for a student spirit competition...
at his wedding. He presented her a Spirit of Troy
Spirit of Troy
The Spirit of Troy, also known as the University of Southern California Trojan Marching Band , self-described as "The Greatest Marching Band in the History of the Universe," represents USC at various collegiate sports, broadcast, popular music recording, and national public appearance functions.The...
marching band helmet on their wedding day; it was his second marriage. Galen's marriage to his first wife, the former Dena Wallerstein, with whom he had three children, ended in divorce.
In 1997, Galen suffered complications after heart surgery to replace a valve and was in a coma for 42 days; after he recovered he decided that he wanted to give away most of his money. Later that year, Galen and his wife donated $1.25 million to USC to establish a student athlete dining and social activity hall. In 2000 he donated an additional $300,000 for a ceramics studio in the USC School of Fine Arts; the also endowed the Helene V. Galen Intermedia Lab.
Galen's most notable donations were to build USC's on-campus basketball
Basketball
Basketball is a team sport in which two teams of five players try to score points by throwing or "shooting" a ball through the top of a basketball hoop while following a set of rules...
and volleyball
Volleyball
Volleyball is a team sport in which two teams of six players are separated by a net. Each team tries to score points by grounding a ball on the other team's court under organized rules.The complete rules are extensive...
arena: the 10,258 seat Galen Center
Galen Center
The Galen Center is a multipurpose indoor arena and athletic facility owned and operated by the University of Southern California. Located at the southeast corner of Jefferson Boulevard and Figueroa Street in the Exposition Park area of Los Angeles, it is right across the street from the campus and...
, which opened on October 12, 2006. USC had planned to build a substantial on-campus basketball arena for over 100 years. As a student, Galen attended USC Men's Basketball
USC Trojans Basketball
The University of Southern California Trojans men's basketball program is the college basketball team that competes in the Pacific-12 Conference of the National Collegiate Athletic Association Division I and represents the University of Southern California on the court.The program began playing...
games in the Shrine Auditorium
Shrine Auditorium
The Shrine Auditorium is a landmark large-event venue, in Los Angeles, California, USA. It is also the headquarters of the Al Malaikah Temple, a division of the Shriners.-History:...
and Pan-Pacific Auditorium
Pan-Pacific Auditorium
The Pan-Pacific Auditorium was a landmark structure in the Fairfax District of Los Angeles, California which once stood at 7600 West Beverly Boulevard near the site of Gilmore Field, an early Los Angeles baseball venue predating Dodger Stadium...
and felt that the team required a better facility. After USC football quarterback
Quarterback
Quarterback is a position in American and Canadian football. Quarterbacks are members of the offensive team and line up directly behind the offensive line...
Carson Palmer
Carson Palmer
Carson Palmer is an American professional football quarterback for the Oakland Raiders of the National Football League. He was drafted by the Cincinnati Bengals first overall in the 2003 NFL Draft. He played collegiately at the University of Southern California and won the Heisman Trophy in 2002...
won the 2002 Heisman Trophy
Heisman Trophy
The Heisman Memorial Trophy Award , is awarded annually to the player deemed the most outstanding player in collegiate football. It was created in 1935 as the Downtown Athletic Club trophy and renamed in 1936 following the death of the Club's athletic director, John Heisman The Heisman Memorial...
, Galen donated $10 million to move the development process forward. On August 28, 2003, Galen donated an addition $25 million to the project to have the building named after himself and his wife. The Galens upped their donation an additional $15 million to make sure that a connected practice facility would also bear their name, bringing the total donation to $50 million.
In addition to USC, the Galens also contributed to the Palm Springs Art Museum, Eisenhower Medical Center
Eisenhower Medical Center
The Eisenhower Medical Center is a not-for-profit hospital located in Rancho Mirage, California. It was named one of the top one hundred hospitals in the United States in 2005 and is adjacent to the world-famous Betty Ford Center....
, the Barbara Sinatra Children's Center, the McCallum Theatre, the Jewish Federation
Jewish Federation
A Jewish Federation is a confederation of various Jewish social agencies, volunteer programs, educational bodies, and related organizations, found within most cities in North America that host a viable Jewish community...
of Los Angeles, the Anti-Defamation League, Hebrew University and Cedars Sinai Medical Center.
Galen was married for over thirty years to his wife Helene, and had a family that includes five children and 11 grandchildren. He died on November 12, 2007 at his home in Rancho Mirage
Rancho Mirage, California
Rancho Mirage is a resort city in Riverside County, California, United States. The population was 17,218 at the 2010 census, up from 13,249 at the 2000 census, but the seasonal population can exceed 20,000. In between Cathedral City and Palm Desert, it is one of the eight cities of the Coachella...
after a brief illness, he was 82. He is buried in the Desert Memorial Park
Desert Memorial Park
Desert Memorial Park is a cemetery in Cathedral City, California, United States, near Palm Springs. It is maintained by the Palm Springs Cemetery District...
in Cathedral City, California
Cathedral City, California
Cathedral City is a city in Riverside County, California, United States. The population was 51,200 at the 2010 census. Sandwiched between Palm Springs and Rancho Mirage, it is one of the cities in the Coachella Valley of southern California...
.