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FCA Lost $590.5 Million in '84

April 01, 1985|From Associated Press

Financial Corp. of America, parent of the nation's largest savings and loan association, said today it lost $590.5 million in 1984, $512.1 million of it in the fourth quarter, primarily because of write-offs for troubled loans and real estate holdings.

The annual loss was one of the largest ever by a U.S. financial institution. Last year, Continental Illinois Corp., the Chicago bank holding company, lost $1.09 billion. FCA is the parent of American Savings & Loan Assn., which has 122 branches in California. FCA has assets of $28.5 billion.

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