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The Rise And Fall Of Fca

January 28, 1988

Jan. 11, 1983--Financial Corp. of America, owner of State Savings & Loan, agrees to buy First Charter Financial Corp., parent of American Savings & Loan. As a result, American Savings becomes the nation's second-largest S&L.

Aug. 14, 1984--FCA announces that it has received $800 million in loans from the Federal Home Loan Bank Board to help stabilize deposits.

Aug. 15, 1984--Securities and Exchange Commission forces FCA to restate second-quarter earnings. As a result, FCA posts a $107-million loss instead of a previously reported $31.1-million profit.

Aug. 28, 1984--Charles W. Knapp resigns as chairman and chief executive officer and is replaced by William J. Popejoy.

Oct. 11, 1984--FCA says it will lay off 1,500 employees.

Oct. 25, 1984--Nearly $7 billion in deposits flowed out of FCA during third quarter, the company says.

April 1, 1985--FCA reports $603-million loss in 1984, primarily as a result of writeoffs of troubled loans and real estate holdings.

Jan. 29, 1986--FCA reports profits of $53.3 million for 1985.

April 1, 1986--FCA says problem loans have grown to nearly $2 billion.

May 16, 1986--FBI says it is investigating past lending practices of FCA.

Jan. 29, 1987--FCA reports profits of $95.4 million for 1986.

March 28, 1987--FCA says it has talked with several parties interested in acquiring the company.

Sept. 21, 1987--SEC charges FCA with a wide range of lending and accounting abuses.

Sept. 18, 1987--Federal Home Loan Bank Board says will consider a plan to break up and sell FCA.

Sept. 24, 1987--Ford Motor confirms reports that its First Nationwide Bank subsidiary wants to acquire FCA through a $1-billion infusion of capital.

Nov. 6, 1987--Citicorp says it is interested in buying American Savings' California branch network. Nearly two weeks later, Citicorp decides against the purchase.

Jan. 8, 1988--Acquisition talks between Ford Motor and FCA are broken off.

Jan. 27, 1988--FCA seeks a massive bailout by the Federal Savings & Loan Insurance Corp. Company reports a $468-million loss for 1987.

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