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Pacificamerica Money Center Inc

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BUSINESS
July 15, 1997
PacificAmerica Money Center Inc. announced a 1-for-1 stock dividend, which will have the effect of doubling the number of shares currently outstanding, the company said. The Woodland Hills-based mortgage lender said the stock split, which will go into effect July 31, will increase the liquidity and public float for the company's stock. A split lowers the price of a corporation's stock and, the company hopes, makes ownership more affordable to a broader base of investors.
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BUSINESS
June 15, 1999 | A Times Staff Writer
PacificAmerica Money Center Inc., a Woodland Hills-based subprime lender, said its chief financial officer, Charles Siegel, has resigned. The company's troubled subsidiary, Pacific Thrift & Loan, had been forced by regulators in January to curtail its lending and was ordered to boost its capital levels to 10%. The company said it has been required by the Federal Deposit Insurance Corp. to raise additional capital by June 30 but hadn't met the goal as of Monday.
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BUSINESS
September 12, 1998 | Bloomberg News
Fremont General Corp., the seventh-largest U.S. workers' compensation insurer, said it will pay $55 million for PacificAmerica Money Center Inc., expanding its home loan business. Santa Monica-based Fremont will pay 75% of the purchase price in cash and the rest in its own stock. The transaction values Woodland Hills-based PacificAmerica at $10 a share. PacificAmerica made $768 million in home mortgages last year through offices in 45 states.
BUSINESS
January 9, 1999 | (Liz Pulliam)
Pacific Thrift & Loan of Woodland Hills said it has agreed to curtail its sub-prime mortgage lending and to boost its capital levels, after federal and state regulators issued corrective action orders. The thrift, a subsidiary of PacificAmerica Money Center Inc., said it agreed to a stipulation from the Federal Deposit Insurance Corp. to boost its risk-based capital level, a cushion used to protect against losses, to 10% by Jan. 31; Pacific's level had dropped to 4.8% as of Sept. 30.
BUSINESS
June 15, 1999 | A Times Staff Writer
PacificAmerica Money Center Inc., a Woodland Hills-based subprime lender, said its chief financial officer, Charles Siegel, has resigned. The company's troubled subsidiary, Pacific Thrift & Loan, had been forced by regulators in January to curtail its lending and was ordered to boost its capital levels to 10%. The company said it has been required by the Federal Deposit Insurance Corp. to raise additional capital by June 30 but hadn't met the goal as of Monday.
BUSINESS
January 9, 1999 | (Liz Pulliam)
Pacific Thrift & Loan of Woodland Hills said it has agreed to curtail its sub-prime mortgage lending and to boost its capital levels, after federal and state regulators issued corrective action orders. The thrift, a subsidiary of PacificAmerica Money Center Inc., said it agreed to a stipulation from the Federal Deposit Insurance Corp. to boost its risk-based capital level, a cushion used to protect against losses, to 10% by Jan. 31; Pacific's level had dropped to 4.8% as of Sept. 30.
CALIFORNIA | LOCAL
December 7, 1999
Listed below are businesses and individuals entered in federal bankruptcy court proceedings. There are two types of bankruptcy cases: Voluntary bankruptcy filings occur when a business, or individual, seeks protection from its creditors, and involuntary filings happen when one or more creditors bring the debtor to court. Chapter 7 is usually a liquidation, whereby remaining assets are sold off to pay creditors.
CALIFORNIA | LOCAL
November 23, 1999 | JEFFREY GETTLEMAN
In the state's first forced bank closure since 1994, the state Department of Financial Institutions revoked the license of Pacific Thrift and Loan, a state official said Monday. The Woodland Hills bank was racking up operating losses and unable to generate new loans, said Lynn Owen, acting commissioner of the department. "It was experiencing substantial operating losses and was unable to raise shareholder equity to the statutory requirement," Owen said.
BUSINESS
October 13, 1998 | LIZ PULLIAM, TIMES STAFF WRITER
The global credit crunch helped derail two planned mergers involving "sub-prime" Southland lenders Monday as investors struggled to determine which companies that make risky consumer loans might survive the liquidity squeeze. The collapse of deals between Life Financial Corp. and FirstPlus Financial Corp. and between PacificAmerica Money Center Inc. and Fremont General Corp.
BUSINESS
September 12, 1998 | From Bloomberg News
Fremont General Corp., the seventh-largest U.S. workers' compensation insurer, said it will pay $55 million for PacificAmerica Money Center Inc. in a deal that would expand its home-loan business. Santa Monica-based Fremont would pay 75% of the purchase price in cash and the rest in its own stock. The transaction values Woodland Hills-based PacificAmerica at $10 a share, more than double its closing price Thursday. PacificAmerica advanced $2.38 to close at $7.25 Friday on heavy Nasdaq volume.
BUSINESS
July 15, 1997
PacificAmerica Money Center Inc. announced a 1-for-1 stock dividend, which will have the effect of doubling the number of shares currently outstanding, the company said. The Woodland Hills-based mortgage lender said the stock split, which will go into effect July 31, will increase the liquidity and public float for the company's stock. A split lowers the price of a corporation's stock and, the company hopes, makes ownership more affordable to a broader base of investors.
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