J.B. Gostovich; Executive and Banker

John B. Gostovich, who recently retired as chairman of the board of Gilmore Bank and the A.F. Gilmore Co., which owns Los Angeles’ popular Farmers Market, has died. He was 80.

Gostovich died of cancer May 17 at his Century City home, his wife, Maxine, said Thursday. She said he retired earlier this year because of his illness.

A graduate of Occidental College, Gostovich became the right-hand man of Farmers Market founder Earl B. Gilmore, later succeeding him as manager and president of the complex.

The market was created in June, 1934, to help Depression-era farmers sell their produce, and has expanded over the years to accommodate shops selling gift items as well as produce stalls and dining facilities.

The market, at 3rd Street and Fairfax Avenue, is on part of the dairy farm that Earl’s father, Arthur Gilmore, founded in 1870. Drilling for water, the elder Gilmore struck oil.

Gostovich joined the resulting company and helped guide all the family enterprises as well as the market’s growth. During his tenure, he oversaw the leveling of Gilmore Stadium, which was replaced by CBS-TV’s Television City at Fairfax Avenue and Beverly Boulevard.

Gostovich made his office for many years in the secluded Gilmore adobe ranch house on the market grounds.

In recent years, he has worked to shepherd the various Gilmore enterprises through attempts to develop the site into high-density office and retail space without creating unwanted traffic congestion and pollution.

“Basically it’s the informality they enjoy here,” Gostovich told The Times several years ago, discussing the complex’s popularity with tourists. “And we keep the prices moderate. If you want a Gucci bag or Tiffany jewelry, you go to Beverly Hills.”

Gostovich was known for his philanthropic work, particularly for the Salvation Army and Lions Club. He also served as a trustee of the private Harvard School in North Hollywood.

Besides his wife, Gostovich is survived by a son, John, and a grandson, Andrew.

The family has asked that any memorial contributions be made to the Salvation Army, in care of Col. David Riley, 900 W. 9th St., Los Angeles, 90015.