BUSINESS
January 15, 1988 | James S. Granelli, Times Staff Writer
Universal Savings Bank, the Orange-based savings and loan that state regulators seized briefly during the summer, will close its Santa Ana office Feb. 4, leaving the S&L with nine branches in Orange and Los Angeles counties. Universal's president, George C. Hale, could not be reached during the last two days to explain why the institution was closing the branch at 2140 N. Main St. One reason could be efficiency. The branch's deposits accounted for about 2.
BUSINESS
June 18, 1987 | WARREN VIETH, Times Staff Writer
The Australian owners of Universal Savings Bank on Wednesday accused the state savings and loan commissioner of relying on "unsubstantiated and untrue allegations" made by a disgruntled director to justify the unprecedented takeover of the healthy, Orange-based S&L. Christopher Blaxland, the suspended chairman of Universal and a director of Universal's parent company, Unity Group Ltd.
BUSINESS
June 18, 1987 | WARREN VIETH, Times Staff Writer
The Australian owners of Universal Savings Bank on Wednesday accused the state savings and loan commissioner of relying on "unsubstantiated and untrue allegations" made by a disgruntled director to justify the unprecedented takeover of the healthy, Orange-based S&L. Christopher Blaxland, the suspended chairman of Universal and a director of Universal's parent company, Unity Group Ltd.
BUSINESS
July 16, 1987 | JANE APPLEGATE, Times Staff Writer
For the second time this week, a federal judge has refused to grant a temporary restraining order in the battle between federal regulators and Universal Savings Bank in Orange. In court documents filed Wednesday, attorneys for the Federal Home Loan Bank Board insisted that Universal's chairman and others were "intentionally thumbing their noses" at the bank board because Universal has stripped two dissident directors of power while awaiting bank board approval to fire them. U.S.
BUSINESS
November 5, 1988 | JAMES S. GRANELLI, Times Staff Writer
A tentative agreement calling for Guardian Savings & Loan in Huntington Beach to acquire foreign-owned Universal Savings Bank in Orange has collapsed, barely a month after Guardian announced the deal. Executives for both S&Ls said Friday that snags in the final agreement caused the collapse, but they would not specify what those snags were. Termination of the deal sets back Guardian's previously announced timetable for becoming a $1-billion institution by February. The S&L had $538.
BUSINESS
July 29, 1987 | JAMES S. GRANELLI, Times Staff Writer
Universal Savings Bank reportedly has nearly settled its regulatory woes by paying about $390,000 in severance benefits to two directors who precipitated a short-lived state takeover of the Orange-based institution. The S&L also agreed to hire a new president approved by federal regulators. Universal, which is owned by an Australian company, Unity Corp. Ltd. of Sydney, also has agreed as part of the settlement to put three U.S. residents on its five-member board.