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BUSINESS
May 13, 1987 | JAMES S. GRANELLI, Times Staff Writer
Financial Corp. of America said Tuesday that it has been holding discussions with half a dozen companies--including HF Holdings--that are interested in acquiring long-ailing Irvine-based FCA and its American Savings & Loan Assn. subsidiary. HF Holdings, headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin, acknowledged that it is gathering information and holding "very preliminary" talks with FCA officials about a possible purchase.
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BUSINESS
May 13, 1987 | JAMES S. GRANELLI, Times Staff Writer
Financial Corp. of America said Tuesday that it has been holding discussions with half a dozen companies--including HF Holdings--that are interested in acquiring long-ailing Irvine-based FCA and its American Savings & Loan Assn. subsidiary. HF Holdings, headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin, acknowledged that it is gathering information and holding "very preliminary" talks with FCA officials about a possible purchase.
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BUSINESS
March 28, 1987 | BILL SING, Times Staff Writer
Financial Corp. of America said Friday that it held discussions this week with several parties interested in acquiring the ailing company and its American Savings & Loan unit, the nation's largest savings and loan. However, Irvine-based FCA cautioned that talks so far have been "extremely tentative." And industry experts said any deal would be extremely costly without governmental assistance, given FCA's plethora of problem loans and need for more than $1 billion in new capital.
BUSINESS
March 28, 1987 | BILL SING, Times Staff Writer
Financial Corp. of America said Friday that it held discussions this week with several parties interested in acquiring the ailing company and its American Savings & Loan unit, the nation's largest savings and loan. However, Irvine-based FCA cautioned that talks so far have been "extremely tentative." And industry experts said any deal would be extremely costly without governmental assistance, given FCA's plethora of problem loans and need for more than $1 billion in new capital.
BUSINESS
February 28, 1987 | JAMES S. GRANELLI, Times Staff Writer
Pacific Savings Bank officials acknowledged Friday that they are negotiating to sell the Costa Mesa institution to HF Holdings Inc., the aggressive San Francisco company headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. But the S&L's top officials, Chairman Joe G. Baker and President Verne F.
BUSINESS
February 27, 1987 | JAMES S. GRANELLI, Times Staff Writer
Pacific Savings Bank, under regulatory pressure to shore up its finances, is negotiating a possible merger with an aggressive new company headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. Officers at HF Holdings Inc. in San Francisco have been talking extensively with Pacific Savings' managers and with federal regulators since last September, Gerald Parsky, an HF partner and spokesman, said Thursday.
BUSINESS
March 10, 1987 | JOHN O'DELL, Times Staff Writer
Pacific Savings Bank in Costa Mesa has told federal regulators that it lost $19.2 million during January, leaving the long-troubled S&L with a negative net worth of $17 million at the end of the month. The loss was caused largely by a write-down of distressed real estate assets in Texas and Colorado--an action required by the Federal Home Loan Bank--according to Pacific President Verne Potter. Federal regulators, according to Pacific's internal financial report for Jan.
BUSINESS
May 28, 1997 | From Bloomberg News
BankAmerica Corp. is leaving the consumer and commercial banking business in Hawaii by selling its branch network to American Savings Bank, a unit of Hawaiian Electric Industries Inc., for an undisclosed price. The addition of Bank of America, the state's fourth-largest bank, with $1.8 billion in assets, would give American Savings $5.4 billion in assets and 39 more branches and strengthen its position as Hawaii's third-largest bank.
BUSINESS
June 13, 1987 | LESLIE BERKMAN, Times Staff Writer
Federal regulators have quietly engineered a change in management at troubled Pacific Savings Bank of Costa Mesa, the bank's new management confirmed Friday. Chairman Joe G. Baker was removed from office and two of five directors have been replaced through a complicated regulatory action brought Thursday by the Federal Home Loan Bank Board. A new chief operating officer from Glendale Federal Savings & Loan Assn. was brought in to take control of the savings bank and try to stem its losses.
BUSINESS
December 5, 1987 | DOUGLAS FRANTZ, Times Staff Writer
Two foreign investors operating through separate Caribbean front companies helped finance the acquisition of a Hawaii savings and loan by former Treasury Secretary William E. Simon and his partners. In return for the investment of about $800,000, the Simon group placed 4.9% of the stock in the savings and loan in the two offshore companies, Pandora Investments and Deep Water Ventures, according to sworn depositions and an interview Friday with one of Simon's partners.
BUSINESS
February 28, 1987 | JAMES S. GRANELLI, Times Staff Writer
Pacific Savings Bank officials acknowledged Friday that they are negotiating to sell the Costa Mesa institution to HF Holdings Inc., the aggressive San Francisco company headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. But the S&L's top officials, Chairman Joe G. Baker and President Verne F.
BUSINESS
February 27, 1987 | JAMES S. GRANELLI, Times Staff Writer
Pacific Savings Bank, under regulatory pressure to shore up its finances, is negotiating a possible merger with an aggressive new company headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. Officers at HF Holdings Inc. in San Francisco have been talking extensively with Pacific Savings' managers and with federal regulators since last September, Gerald Parsky, an HF partner and spokesman, said Thursday.
BUSINESS
February 27, 1987 | JAMES S. GRANELLI, Times Staff Writer
Pacific Savings Bank, under regulatory pressure to shore up its finances, is negotiating a possible merger with an aggressive new company headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. Officers at HF Holdings Inc. in San Francisco have been talking extensively with Pacific Savings managers and with federal regulators since last September, according to Gerald Parsky, an HF partner and spokesman.
BUSINESS
June 24, 1987 | JAMES S. GRANELLI, Times Staff Writer
Pacific Savings Bank lost a staggering $109.5 million in 1986, largely because out-of-state real estate investments went sour for the Costa Mesa-based S&L, according to an audited financial statement released Tuesday. The financial statement also shows that Pacific Savings ended the year with a negative net worth of $69.3 million, far below the $44.5-million positive net worth required by the Federal Savings and Loan Insurance Corp.
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