November 6, 1993 |
A federal grand jury on Friday charged four San Diego County residents with using a risky automobile-financing scheme to defraud Far Western Bank, a now-defunct Tustin institution, of $10 million during the late 1980s. The indictment, filed in U.S. District Court in San Diego, alleges that Rancho Santa Fe residents Richard L. Burns, Joyce C. Burns and David W. Watt used the scheme to take illegal insurance commissions from Far Western. The bank, once Orange County's largest, failed in 1990.
February 13, 1993 |
In what congressional overseers branded as evidence of loose controls in the savings and loan bailout, Price Waterhouse charged the government 67 cents a page to photocopy more than 11 million pages of documents at the failed Homefed Bank in San Diego, helping quadruple a $4-million contract to "$17 million and growing." The accounting firm obtained the contract from the Resolution Trust Corp.
April 18, 1992 |
Prospective buyers won't be allowed into HomeFed Bank's San Diego headquarters to look at the books for another two months, but bidders are already lining up to make a run at the San Diego-based thrift when regulators sell it later this year.
December 8, 1991 |
THE TWO MEN DIFFER SLIGHTLY IN THEIR RECOLLECTIONS OF the fateful 1955 chance meeting in the old Rexall Drugstore in downtown San Diego. Kim Fletcher, board chairman of HomeFed Bank, San Diego's largest savings and loan--where things have not been going well of late--remembers being with his wife, Marilyn.
August 10, 1991 |
Federal regulators Friday seized Great American Bank, the nation's 11th-largest savings and loan, as the thrift's capital base dwindled and losses from bad real estate loans continued to mount. The takeover by the Office of Thrift Supervision marks a sad chapter in the 106-year history of Great American, an institution once regarded as a thrift-industry innovator and a powerful financial and political force in San Diego.
May 8, 1991 |
Under pressure from federal regulators, Robert Adelizzi resigned Tuesday as chief executive of HomeFed Bank, further fueling fear among many analysts that the nation's fifth-largest thrift is heading for a government takeover. HomeFed, which has $18 billion in assets and 210 branches, said in a statement that Adelizzi tendered his resignation after the board received a "suggestion" from the Office of Thrift Supervision that he quit.