August 22, 2002 |
The last-minute disclosure that there was another potential suitor for Golden State Bancorp isn't likely to derail the company's takeover by Citigroup Inc., but it has raised questions about whether Golden State's investors were properly informed of their options.
June 4, 2002 |
Community groups said Monday that they will challenge Citigroup Inc.'s $5.8-billion takeover of Golden State Bancorp Inc., parent of savings and loan California Federal Bank, on grounds the New York financial giant does too little to help lower-income customers.
May 22, 2002 |
Citigroup Inc. agreed Tuesday to buy the parent of San Francisco-based savings and loan California Federal Bank for $5.8 billion, giving it 1.5 million new customers and ownership of a major California branch-banking network. Citigroup's $40.10-a-share cash and stock deal to acquire Cal Fed parent Golden State Bancorp Inc. would give it 352 additional branches, mostly in California, and $54 billion in assets. The deal would almost double the number of New York-based Citigroup's U.S.
October 17, 2001 |
Golden State Bancorp Inc., the second-largest U.S. savings and loan, said third-quarter profit rose 17% as the company benefited from lower short-term interest rates and earned more in fees on customer transactions. Net income rose to $103.3 million, or 72 cents a share, from $88.5 million, or 62 cents, a year earlier, the company said Tuesday. That beat the 71-cent average estimate of analysts surveyed by Thomson Financial/First Call.
August 28, 2001 |
Shares of major thrifts slumped again Monday, continuing a sell-off that has hammered the stocks' prices over the last week. Some Wall Street analysts have been talking the stocks down, saying the companies' future earnings growth is in question if the Federal Reserve is near the end of its campaign to cut interest rates. On Monday, Washington Mutual (ticker symbol: WM) tumbled $1.71, or 4.5%, to $36.25, bringing the stock's loss since Aug. 17 to nearly 14%.
February 21, 2001 |
Golden State Bancorp securities that entitle holders to a share of a potential multimillion-dollar court award fell 20% on Tuesday after a federal appeals court said an earlier verdict overcompensated the San Francisco-based thrift. On Friday, the court struck down a $909-million award won by Golden State in a breach-of-contract suit against the federal government over a 1989 accounting rule change. Golden State litigation warrants fell 30 cents to $1.