March 10, 1990 |
Federal regulators spent an estimated $890 million in taxpayer money to bail out a Texas savings institution in a sale to a thrift holding company controlled by financier Ronald O. Perelman. Perelman's holding company, on the other hand, is putting up only $10 million. The Resolution Trust Corp., created in August to dispose of failed thrifts, sold San Antonio Savings Assn. to First Gibraltar Holdings Inc.
May 2, 1990 |
It would have been cheaper for the government to shut down First Gibraltar, a failing Texas savings and loan, than it was to sell it to billionaire financier Ronald O. Perelman, according to a federal regulator who analyzed the deal. First Gibraltar was sold as part of a flurry of deals in December, 1988, just before the expiration of key tax breaks. Perelman received government subsidies of $5 billion in cash and guarantees plus $1.2 billion in tax breaks.
September 22, 1992 |
BankAmerica Corp. continued its aggressive push across the Southwest by agreeing Monday to buy the largest thrift in Texas for $110 million from financier Ronald O. Perelman. BankAmerica, the nation's second-largest bank, agreed to buy virtually all of the branches and deposits of First Gibraltar Bank, a onetime failed thrift in Dallas that Perelman bought in 1988 in one of the most controversial deals ever orchestrated by regulators.
June 3, 1990
Highest yields reported by federally insured banks and thrifts as of May 30 based on the lowest minimum deposit to open an account. National average based on yields offered by 100 largest banks and thrifts in the 10 largest markets. Southern California averages based on yields offered by 10 largest area banks and thrifts. MONEY MARKET ACCOUNT National average: 6.20 S. California average: 5.82 First Signature B&T, Portsmouth, NH: 8.32 Metro. Bank for Svgs, Arlington, VA: 8.