September 22, 1992
Citadel Holding Corp., the Glendale-based parent of Fidelity Federal Bank, said it will post a loss for the first nine months of this year because it is adding $39 million to its loan-loss reserves to reflect the "continuing deterioration in the Southern California real estate market." The addition to Citadel's "general valuation allowance" for loan and real estate losses will lower the thrift's third-quarter results by $22.
January 14, 1992 |
In less than three months, Citadel Holding Corp., the Glendale parent of Fidelity Federal Bank, has seen its stock plunge by about 60%, from a 52-week high of $37.125 a share to $14.75 as of Monday's close. The problem isn't so much that Citadel lost $33 million in the third quarter after taking big loan-loss provisions--the thrift's percentage of problem loans is still only about half that of most other Southern California savings and loans, according to analysts.
May 22, 1990
Citadel Holding Corp. said it issued $60 million in notes that enabled it to comply with federal thrift capital requirements nearly three years ahead of schedule. Citadel, the Glendale parent of Fidelity Federal Bank, said it issued the subordinated notes on May 15. They are payable in five equal installments beginning in 1996 and bear an interest rate of 11.68%. Because the notes are unsecured, regulators count the $60 million as capital, which is generally an S&L's assets minus its debts.
February 4, 1987
Citadel Holding Corp., Glendale, named Edward L. Kane president and vice chairman of the company and of its wholly owned subsidiary, Fidelity Federal Savings & Loan Assn. Kane has been a director of Citadel and Fidelity since 1985 and is a partner in the San Diego law firm of Haskins, Nugent, Newnham, Kane & Zvetina. Citadel Chairman James A. Taylor said that Citadel and Fidelity will continue to be administered by their respective executive management committees, with Kane presiding over both.
July 13, 1993
Santa Cruz Resources Inc. and three other companies said they cut their stake in Glendale-based Citadel Holding Corp., to 9.45% from 11%. Citadel is the parent of Fidelity Federal Bank, which has been struggling because of the depressed Southern California real estate market. In a filing with the Securities and Exchange Commission, Santa Cruz, Sierrita Resources Inc., Tucson Electric Power Co. and Tucson Resources Inc.
January 19, 1995 |
Citadel Holding Skeptical of Dillon's Offer: Citadel Holding Corp., the Glendale-based thrift holding company, told Dillon Investors that Citadel is not for sale and that it is has doubts about the $4-per-share bid that Dillon made for the company last week. Columbus, Ohio-based Dillon, an investment partnership that already owns 10% of Citadel's stock, is suing Citadel over its issuance of preferred stock to Craig Corp.