October 24, 1986
Pending government approval, 10 of the branches will be sold to Citibank and 10 to Bank of Boston, Bank of America said. Sale of the branches, which it called "marginal," is in line with the financially troubled company's strategy of focusing international activities on such wholesale customers as businesses, corporations and governments. Separately, the bank said it sold leasing rights for a 10-story office building in downtown San Francisco to Bank of San Francisco. Terms were not disclosed.
January 11, 1991 |
James M. Cirona, the former top federal regulator of savings and loans in California, Nevada and Arizona, abruptly resigned Thursday as president and chief executive of the Federal Home Loan Bank of San Francisco. The bank is a quasi-government agency whose primary job is to provide credit to savings and loans. It was once part of the Federal Home Loan Bank Board's San Francisco office, which Cirona headed from 1983 to 1989 when it had supervisory powers over thrifts in the region.
March 13, 2010 |
Economist Janet L. Yellen, a California-based official of the Federal Reserve, has emerged as President Obama's likely nominee to be vice chairwoman of the central bank. Yellen, president of the Federal Reserve Bank of San Francisco and a former UC Berkeley professor who headed President Clinton's Council of Economic Advisors in the 1990s, would succeed 40-year Fed veteran Donald L. Kohn. Diane Swonk, chief economist at Mesirow Financial in Chicago and a former advisor to the Fed, said she had known Yellen for many years, calling her "one of the sharpest knives in the drawer."
April 27, 2013 |
Michele and Russell Poland's credit was shot, but they managed to buy their suburban dream home anyway. After a business bankruptcy and a home foreclosure, they turned to a rare option in this era of tightfisted banking - a subprime loan. The Polands paid nearly $10,000 in upfront fees for the privilege of securing a mortgage at 10.9% interest. And they had to raid their retirement account for a 35% down payment. Most borrowers would balk at such stiff terms. But with prices rising, the Polands wanted to snag a four-bedroom home in Temecula near top-rated schools for their 5-year-old son. By later this year, they figure, they'll be able to refinance into a standard loan.