June 15, 1999 |
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.
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.
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.
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.