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First Gibraltar Bank

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BUSINESS
December 22, 1989 | GREG STEINMETZ, NEWSDAY
When government officials sold dozens of failed savings and loans in the waning days of 1988, some thrift experts criticized the deals as too generous for the buyers and too rough on taxpayers. Now the numbers on one of the largest deals are in, and the critics are saying they were right. Ronald O. Perelman, chairman of New York-based Revlon Inc. and the country's fifth-richest person according to Forbes magazine, will recover $1.
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BUSINESS
December 23, 1992 | From Times Staff and Wire Reports
Fed OKs BankAmerica Purchase in Texas: The Federal Reserve Board approved BankAmerica Corp.'s $110-million purchase of the largest savings and loan in Texas from financier Ronald O. Perelman. The acquisition of nearly all the branches and deposits of First Gibraltar Bank in Irving, Tex., still must be approved by another banking agency, but the Fed's action was seen as the key to obtaining the final go-ahead. BankAmerica will fold $6.
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BUSINESS
August 28, 1992 | From Times Staff and Wire Reports
B of A Close to Buying Texas Thrift: BankAmerica is negotiating to buy First Gibraltar Bank, according to press reports. The Dallas-based thrift, owned by New York investor Ronald O. Perelman, would significantly expand the San Francisco bank's presence in Texas and make B of A the state's fourth-largest bank. First Gibraltar has 133 offices and more than $8 billion in assets.
BUSINESS
September 22, 1992 | JAMES BATES, TIMES STAFF WRITER
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.
BUSINESS
March 10, 1990 | From Associated Press
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.
BUSINESS
May 2, 1990 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
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.
BUSINESS
September 22, 1992 | JAMES BATES, TIMES STAFF WRITER
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.
BUSINESS
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.
BUSINESS
May 2, 1990 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
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.
BUSINESS
March 10, 1990 | From Associated Press
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.
BUSINESS
December 22, 1989 | GREG STEINMETZ, NEWSDAY
When government officials sold dozens of failed savings and loans in the waning days of 1988, some thrift experts criticized the deals as too generous for the buyers and too rough on taxpayers. Now the numbers on one of the largest deals are in, and the critics are saying they were right. Ronald O. Perelman, chairman of New York-based Revlon Inc. and the country's fifth-richest person according to Forbes magazine, will recover $1.
BUSINESS
April 15, 1994 | CHRIS KRAUL and DONALD W. NAUSS, TIMES STAFF WRITERS
In an eventful day for Ford Motor Co., the nation's No. 2 auto maker agreed Thursday to sell its money-losing First Nationwide Bank unit to First Madison Bank of Dallas, a thrift controlled by financier Ronald O. Perelman, for $1.1 billion. The sale of the nation's fifth-largest thrift is being billed as the largest ever outside the government bailout of the S&L industry. Ford also increased its quarterly dividend by 12.
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