January 9, 1990 |
Pacific First Financial Corp. said it purchased Providence, R.I.-based Old Stone Bank's California real estate portfolio, which is made up of $345 million in real estate loan commitments. When the deal was closed Dec. 20, Old Stone had California real estate loans of about $185 million outstanding, according to a Securities and Exchange Commission filing.
January 31, 1990
Royal Trustco Ltd., the Toronto financial services firm that bought the failed Pacific Savings Bank in Costa Mesa, has cut its stake in Glenfed Inc. from 9.44% to 6.7%, or 2.04 million common shares. Royal Trustco must cut its stake in Glenfed, a savings and loan holding company, because federal regulation prohibits the owner of one federally insured S&L from holding more than 5% of an S&L that it does not control, according to a filing with the Securities and Exchange Commission.
October 14, 1989 |
In one of the first major deals since Congress approved the thrift bailout plan, Royal Trustco Ltd. of Toronto on Friday acquired insolvent Pacific Savings Bank in Costa Mesa with the help of $550 million from the federal government. Pacific Savings and three other large S&Ls were sold Friday as part of the federal government's effort to clean up the ravaged industry. The Resolution Trust Corp., the federal agency charged with disposing of failed institutions, provided a total of $7.
November 11, 1989 |
Jerry E. Pohlman has big plans for the 11-branch Pacific First Savings in Costa Mesa, and with several hundred million dollars from Canada, he just may be able to carry them out. Pohlman is the chairman of Seattle-based Pacific First Financial Corp., a large and solvent thrift that has been purchased by Royal Trustco Ltd. of Canada in a deal expected to close by the end of this month. Royal Trustco, one of Canada's largest trust companies (which are similar to U.S.
October 17, 1989 |
The recent acquisition of insolvent Pacific Savings Bank of Costa Mesa by the Canadian financial services conglomerate Royal Trustco Ltd. could represent the beginning of a series of U.S. banking investments by "snowbirds" from north of the border, Canadian financial analysts said Monday. And it comes as no surprise that Royal Trust--with a strong balance sheet, a highly regarded management team and the backing of one of Canada's most powerful families--would be at the forefront of the trend.
November 2, 1989 |
Anaheim banker L. Don Sargent joined other bankers at a U.S. Senate hearing Wednesday in denouncing pending legislation that would force bankers in certain areas, including Southern California, to adhere to stricter guidelines for reporting suspected money laundering.