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Banking And Finance

March 12, 1994|From Times Staff and Wire Reports

Fidelity Federal Parent Posts Loss: As expected, Citadel Holding reported a $37.5-million fourth-quarter loss and a $67.2-million loss for all of 1993. The thrift holding company attributed the losses to increased provisions for bad loans, declining loan revenues and the effects of the California recession. The firm said it is going forward with a restructuring plan that includes the sale of Fidelity Federal's 42 branches and the simultaneous transfer of about $482 million in bad loans to a separate Citadel subsidiary.

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