Great American First Savings Bank

Troubled Great American Bank on Wednesday reported a $34-million loss in the third quarter, rendering the thrift insolvent based on one regulatory capital measure. The San Diego-based S&L attributed the loss, which wiped out its scant $32.2 million in so-called tangible capital as of the end of June, to continued provisions for loan losses and an $11.5-million provision in anticipation of a loss from the proposed sale of its commercial real estate portfolio.

Robert Kemper, chairman of San Diego-based Great American Bank, collapsed onstage Thursday morning during a special shareholders meeting to approve the troubled savings and loan's sale of its California branches to Wells Fargo Bank for $492 million. Kemper was admitted to Sharp Memorial Hospital and was undergoing tests late Thursday afternoon. The hospital described Kemper's condition as good. Kemper, 61, was answering questions from shareholders at about 10:25 a.m.

Two of California's largest savings and loan firms, Great American Bank and Coast Savings Financial, reported steep losses Thursday, providing further evidence of softening real estate markets in California and elsewhere. San Diego-based Great American reported a $107.9-million second-quarter loss. The thrift had indicated last week, when it announced an agreement to sell its 130-office California branch network to Wells Fargo & Co., that it anticipated a loss in excess of $100 million.

A year ago, Wells Fargo & Co. Chairman and Chief Executive Carl E. Reichardt put the banking industry on alert that his company would consider buying thrifts to beef up its relatively small presence in Southern California. With its planned $492-million purchase of the California branch network of Great American Bank, a troubled but well-known savings institution in San Diego, Wells would quickly zoom to first from seventh place among banks and thrifts in fast-growing San Diego County.

Wells Fargo & Co. said Tuesday that it agreed to buy all of troubled Great American Bank's 130 California branches for $492 million in a deal that will greatly strengthen Wells Fargo's market position in Southern California. The sale also represents a desperate bid for survival by Great American, a once financially strong savings and loan that has fallen on hard times with the deterioration of its Arizona loan portfolio.

Great American Bank in San Diego on Friday named longtime banker Robert L. Kemper to replace the ailing thrift's top two officers. Kemper, 61, will succeed Gordon C. Luce as chairman and chief executive when he retires on July 2. The 65-year-old Luce, who was Great American's chief for 20 years, will remain as a trustee at the savings and loan. Kemper also will replace Roger K. Lindland, 58, as president. The change comes as Great American, which is still solvent, fights for its life.

Great American Bank, the troubled San Diego-based savings and loan, is considering selling many of its California branches to an outside bidder, sources said Monday. The thrift would then take the proceeds and try to survive as an independent institution with its remaining branches and assets in California, Arizona and Washington state, the sources said.