June 10, 1995 |
ITT Corp. said Friday that it has sold the remaining assets of its finance subsidiary, including the large ITT Federal Bank in Irvine, to a series of buyers for a combined $5.5 billion. The nation's 23rd-largest company said the sale of ITT Financial Corp. in St. Louis and a string of its units completes ITT's restructuring efforts, giving it total cash proceeds of $13 billion. ITT did not disclose the buyers.
August 5, 1986
Newport Balboa Savings & Loan Assn. in Newport Beach reported Monday that its net income rose 70% in the second quarter and 55.5% in the first six months, as the institution continued its steady growth. Net earnings in the quarter rose to $1.7 million from $1 million in last year's second quarter and increased to $2.8 million in the first six months from $1.8 million. Total assets at the 7-year-old S&L had grown 30% year to year by the end of June, to $293 million from $225.5 million.
March 27, 1986
Newport Balboa Savings & Loan Assn. of Newport Beach reported net income for 1985 of $4.6 million--its fourth straight year of record earnings and a 53% increase over the previous year's net income of $3 million. The 7-year-old S&L, a wholly owned subsidiary of ITT Financial Corp., posted the hefty profits as it changed over from a mortgage banking operation to an institution with its own loan portfolio, said Fredric J. Forster, president of the S&L.