Financial Corp. of America said Thursday that it has delayed announcement of its 1984 financial results because an internal review of problem loans is taking longer than anticipated.
FCA said it intends to announce the results by the end of March, just in time to meet the reporting requirement set by the Securities and Exchange Commission. Previously, Irvine-based FCA said its results would be available in late February.
The results are being eagerly awaited on Wall Street, where investors want to know the true extent of the company's troubled loans that resulted from years of rapid growth. Investors Thursday drove down the price of FCA's stock 62.5 cents a share to $8.25 on a volume of 488,700 shares.
In explaining the delay, Chairman William J. Popejoy said that FCA underestimated the time that it would take to review the quality of the loan portfolio. FCA is the holding company of Stockton-based American Savings & Loan Assn., the nation's largest S&L.