September 12, 1998 |
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.
January 9, 1999 |
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.
October 13, 1998 |
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.
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 |
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.