November 15, 1989 |
FarWest Savings said Tuesday that it lost $22.9 million in the third quarter because new federal rules required the thrift to revalue its junk bond portfolio. As a result, the thrift will not be able to meet two of the three new S&L capital requirements that take effect Dec. 7, FarWest's chief financial officer said. FarWest is a subsidiary of FarWest Financial Corp., controlled by the billionaire Belzberg brothers of Vancouver, Canada. The $22.
August 7, 1985
Far West Financial Corp., the Newport Beach-based holding company for Far West Savings & Loan Assn., posted net earnings of $4.9 million for its second quarter ended June 30, which the company said reflected "strong improvement" in operating earnings compared to the same quarter a year ago. Although Far West Financial earned $8.6 million in the second quarter, that included the extraordinary sale of the company's Gulf Corp. stock to Standard Oil of California for $8.4 million, said Alexander L.
April 15, 1986 |
Continued favorable interest rates helped Far West Financial Corp., the Newport Beach parent of Far West Savings & Loan Assn., post net income of $5.6 million for the first quarter ended March 31. The earnings were more than 2 1/2 times the $2.2 million in profit reported for the first quarter last year, Alexander L. Popof, a senior vice president, said Monday.
July 23, 1986
Far West Financial Corp., the Newport Beach holding company for Far West Savings & Loan Assn., said consolidated net income in the second quarter was $7.7 million, up 57.1% from $4.9 million last year. Revenues for the quarter rose 26.3% to $91.4 million from $72.3 million. In the first six months, the company's net income grew 87.8% to $13.3 million from $7.1 million. Revenues rose 26.2% to $170.9 million from $134.4 million. Total assets at the end of the period hit a record $2.
June 5, 1987 |
Progressive Savings & Loan Assn. lost its third suitor in the past year on Thursday when Far West Financial Corp., the Newport Beach operator of Far West S&L, said it had called off its proposed acquisition of the troubled Alhambra institution. Far West said in a prepared statement that it determined that the deal "would not further its long-term objectives." Spokesman Charles H. Green would not explain further what the company's objectives are or why Progressive did not fit into its plans.
July 29, 1987
Far West Financial Corp., the holding company for Far West Savings & Loan Assn. in Newport Beach, posted net income of $5.9 million in the second quarter, a 23.4% drop from the $7.7 million it earned in last year's second quarter. The drop was in part caused by a $3.8-million write-off on its share of the secondary reserve fund of the Federal Deposit Insurance Corp. Far West's $14.6-million net income in the first six months, however, was 9.8% higher than the $13.
October 29, 1987 |
Far West Financial Corp., the holding company for Far West Savings & Loan Assn. in Newport Beach, reported net income of $6 million for the third quarter, a 22.2% increase from the $4.9 million it earned in the year-earlier period. Quarterly revenues rose 12.9% to $94.15 million this year from $83.4 million. For the first nine months, the company posted $20.6 million net income, a 13.2% increase from $18.2 million reported a year ago. Revenues for the nine months grew 9.6% to $273.
April 13, 1986
Far West Financial Corp., the Newport Beach-based parent of Far West Savings & Loan Assn., said Thursday its public offering of 650,000 shares of common stock, plus 97,500 more shares to cover an over-subscription of the issue, has been sold at $57.75 a share. The offering raised $40.7 million after expenses. The money will be used for possible acquisitions or other corporate purposes. The company's underwriter, the New York investment banking firm of Bear, Stearns & Co.
February 6, 1985 |
Far West Financial Corp. of Newport Beach has reported 1984 earnings of $12.7 million, more than double those of 1983, despite virtually flat profits in the final quarter of the year. For the fourth calendar quarter, net earnings for the holding company, parent of Far West Savings and Loan Assn., were $1.69 million, up only slightly from the $1.68 million reported a year earlier. Revenues for the 1984 quarter were $65.5 million, a 52% jump from the $43.