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Golden State Bancorp

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BUSINESS
May 20, 1998 | Times Staff and Wire Reports
Golden State Bancorp, parent company of Glendale Federal Bank, said it plans to buy back $160 million of its common stock as part of its acquisition of RedFed Bancorp Inc., the holding company of Redlands Federal Bank. GlenFed spokesman Ken Preston said no time line has been set for the buyback. Golden State said it expects to repurchase shares equal to the number to be issued in connection with the acquisition.
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BUSINESS
April 29, 2010 | By E. Scott Reckard, Los Angeles Times
A group led by Gerald J. Ford, a billionaire bank-turnaround specialist, agreed Thursday to save Pacific Capital Bancorp from collapse by investing $500 million for a 91% stake in the Santa Barbara-based operator of five Central California community banks. But Pacific Capital's stock plunged nearly 50% after the announcement of the deal, which would allow Ford's group to buy its shares at a deep discount to their market value. The investment is contingent on obtaining substantial financial concessions from the bank's debt holders -- who would lose everything if the bank failed -- and from the federal government, which in November 2008 bought $180.
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BUSINESS
October 29, 1997 | From Bloomberg News
Golden State Bancorp, the holding company of Glendale Federal Bank, on Tuesday said it posted a fiscal first-quarter profit as the bank gained customers, loans and deposits. Golden State reported first-quarter net income of $28.5 million, or 40 cents a share, contrasted with a net loss of $20 million, or 50 cents, in the same period last year. The results exceeded analysts' average estimate of 37 cents a share.
BUSINESS
October 29, 2002 | E. Scott Reckard, Times Staff Writer
The Federal Reserve voted unanimously Monday to approve Citigroup Inc.'s takeover of California Federal Bank parent Golden State Bancorp, but said it would continue to review the banking giant's much-criticized sub-prime lending operations. The deal will convert about 350 CalFed offices across California and Nevada to Citibank branches, creating the third-largest commercial banking company in both states, with 5.8% of California's deposits and 11.4% of Nevada's.
BUSINESS
October 29, 2002 | E. Scott Reckard, Times Staff Writer
The Federal Reserve voted unanimously Monday to approve Citigroup Inc.'s takeover of California Federal Bank parent Golden State Bancorp, but said it would continue to review the banking giant's much-criticized sub-prime lending operations. The deal will convert about 350 CalFed offices across California and Nevada to Citibank branches, creating the third-largest commercial banking company in both states, with 5.8% of California's deposits and 11.4% of Nevada's.
BUSINESS
February 7, 1998 | Bloomberg News
Some shareholders of Golden State Bancorp are asking a Delaware judge to stop financier Ronald Perelman from taking control of the California thrift in a $2.5-billion merger, saying investors are being shortchanged in the transaction. Perelman said Thursday his thrift, First Nationwide Holdings Inc., would take control of Glendale-based Golden State, the holding company for Glendale Federal Bank, in a reverse merger to form the nation's third-largest savings and loan.
BUSINESS
August 19, 1997 | DON LEE, TIMES STAFF WRITER
Marking the latest acquisition in California's fast-consolidating thrift industry, the parent of Glendale Federal Bank said Monday that it has agreed to buy Pasadena-based CenFed Bank in a stock swap valued at $210 million. For Glendale-based Golden State Bancorp Inc., whose Glendale Federal is the state's sixth-largest savings and loan, with assets of $16.
BUSINESS
May 5, 1998 | Bloomberg News
Golden State Bancorp will offer Wall Street today what analysts said is the best chance yet to invest in the long-standing legal claims of dozens of thrifts against the U.S. government. The Glendale-based thrift will distribute to shareholders at the end of the month warrants giving holders rights to 85% of the net after-tax proceeds of its breach-of-contract lawsuit against the government.
BUSINESS
February 21, 2001 | From Bloomberg News
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.
BUSINESS
December 2, 1997 | YUNG KIM, TIMES STAFF WRITER
In an effort to stake a claim in the Inland Empire market, Golden State Bancorp, the nation's sixth-largest thrift, agreed on Monday to acquire RedFed Bancorp, the holding company of Redlands Federal Bank, for $158 million in stock.
BUSINESS
August 22, 2002 | DEBORA VRANA, TIMES STAFF WRITER
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.
BUSINESS
June 4, 2002 | E. SCOTT RECKARD, TIMES STAFF WRITER
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.
BUSINESS
May 22, 2002 | DEBORA VRANA, TIMES STAFF WRITER
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.
BUSINESS
October 17, 2001 | A Times Staff Writer
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.
BUSINESS
August 28, 2001 | From Bloomberg News, Times Staff
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%.
BUSINESS
February 21, 2001 | From Bloomberg News
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.
BUSINESS
August 28, 2001 | From Bloomberg News, Times Staff
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%.
BUSINESS
May 20, 1998 | Times Staff and Wire Reports
Golden State Bancorp, parent company of Glendale Federal Bank, said it plans to buy back $160 million of its common stock as part of its acquisition of RedFed Bancorp Inc., the holding company of Redlands Federal Bank. GlenFed spokesman Ken Preston said no time line has been set for the buyback. Golden State said it expects to repurchase shares equal to the number to be issued in connection with the acquisition.
BUSINESS
May 5, 1998 | Bloomberg News
Golden State Bancorp will offer Wall Street today what analysts said is the best chance yet to invest in the long-standing legal claims of dozens of thrifts against the U.S. government. The Glendale-based thrift will distribute to shareholders at the end of the month warrants giving holders rights to 85% of the net after-tax proceeds of its breach-of-contract lawsuit against the government.
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