August 18, 1993
James N. Thayer, retired chief financial officer of Lear Siegler Inc. and a major supporter of UCLA, has died. He was 67. Thayer died Thursday of cancer at St. Johns Medical Center in Santa Monica, UCLA announced. He had been with Santa Monica-based Lear Siegler from 1967 until his retirement in 1987. Then a director of Gibraltar Financial Corp. of Beverly Hills, Thayer was named president and chairman of Gibraltar in 1988.
October 29, 1988 |
Blaming higher interest rates, Gibraltar Financial on Friday reported a loss of $24 million in the third quarter, a strong signal that the giant financial institution in Beverly Hills has yet to turn around its sagging fortunes. The red ink means that Gibraltar, which has $14.7 billion in assets and is one of the 10 largest S&Ls in California, has lost about $195 million since the middle of last year. James N.
March 3, 1989 |
Gibraltar Financial, one of the state's 10 biggest thrifts, said late Thursday that it agreed with federal regulators to limit its lending operations to residential loans in three states, including California. The financial institution, parent company of Gibraltar Savings in Beverly Hills, also said it will close a lending operation known as Gibraltar MoneyCenter, which makes loans to customers outside California.
March 31, 1989 |
Federal regulators today seized control of the 10-largest savings and loan association in the nation, Gibraltar Savings in Beverly Hills, and dismissed its chief executive. Although the S&L, with assets of $13.4 billion, was not insolvent, regulators were taking it over because its officers "were found to be operating in an unsafe and unsound manner and dissipating their assets," said William Fulwider, a spokesman for the Federal Home Loan Bank Board in Washington.
October 2, 1992 |
Federal officials on Thursday sued nine former Gibraltar Savings directors and officers--including former state controller and unsuccessful gubernatorial candidate Houston I. Flournoy--alleging that they recklessly steered the Simi Valley thrift toward collapse. The federal Resolution Trust Corp, which is charged with mopping up the nation's thrift mess, is seeking $100 million in damages for negligence. Gibraltar, part of Gibraltar Financial Corp.