August 13, 2002 |
Golden State Bancorp Inc. said it settled shareholder lawsuits after Citigroup Inc. agreed to reduce the fee the California thrift must pay if it backs out of its proposed sale to the world's largest financial services company. Golden State, the No. 3 U.S. thrift company, said it will pay Citigroup $42.5 million to $160 million if it cancels the deal. The bank had agreed to pay $117.5 million to $235 million. Citigroup said in May that it would pay about $5.
September 30, 1998
Aames Financial Corp. said directors Gerald Ford and Howard Gittis--who joined when financier Ronald Perelman and Ford bought 9.9% of the consumer finance company--quit last week. Los Angeles-based Aames also said in a Securities and Exchange Commission filing that the lender "is currently in discussions with several entities, including Golden State Bancorp Inc., concerning various alternatives." Perelman and Ford, partners in Golden State Bank, in March agreed to buy 2.
August 14, 1998 |
The U.S. Office of Thrift Supervision has approved the merger of California Federal Bank with Golden State Bancorp Inc. Golden State, parent of Glendale Federal Bank, and San Francisco-based California Federal are merging in a complicated transaction creating the second-largest U.S. thrift after Seattle-based Washington Mutual Inc. The OTS approved the arrangement in an Aug. 12 letter, signed by Assistant Regional Director Nicholas Dyer. The letter was released Thursday.
July 16, 2002 |
Citigroup Inc. was asked by federal regulators reviewing its proposed $5.8-billion purchase of Cal Fed parent Golden State Bancorp Inc. to provide information about how the New York-based bank makes loans to low-income families. In a July 3 letter, a Federal Reserve senior counsel sought answers to 34 questions ranging from the way Citigroup monitors complaints about abusive loan practices to how it rewards loan managers. Responses are due Wednesday.
November 13, 1998 |
Golden State Bancorp Inc.'s California Federal Bank can't recover potential profit it lost as a result of a 1989 accounting rule change that sparked its $1.6-billion "supervisory goodwill" lawsuit against the U.S., a federal judge ruled. U.S. Claims Judge Robert H. Hodges' ruling doesn't destroy Cal Fed's case. Still, Hodges' one-page order undermines a key Cal Fed theory and throws a curve ball at litigants seeking as much as $30 billion in 120 cases.
October 6, 1999 |
Golden State Bancorp Inc. settled a lawsuit with shareholders over the company's $2.5-billion acquisition by a San Francisco-based thrift owned by financier Ronald Perelman. Perelman's First Nationwide Holdings Inc. agreed in February 1998 to buy control of Golden State. In a consolidated suit in Delaware Chancery Court, Golden State shareholders contended they weren't getting a big enough stake in the new company. The merger was completed in September 1998, giving Perelman a 34% stake.