Preston Martin

Preston Martin, an economist and financial regulator who served as the outspoken vice chairman of the Federal Reserve in the mid-1980s and later took part in private efforts to revive troubled savings and loans, has died. He was 83. Martin, a Los Angeles native, died peacefully Wednesday at his home in San Francisco after a brief battle with cancer, daughter-in-law Margaret Lowrie Robertson said Thursday.

Preston Martin, an economist and financial regulator who served as the outspoken vice chairman of the Federal Reserve in the mid-1980s and later took part in private efforts to revive troubled savings and loans, has died. He was 83. Martin, a Los Angeles native, died peacefully Wednesday at his home in San Francisco after a brief battle with cancer, daughter-in-law Margaret Lowrie Robertson said Thursday.

Regulators gave final approval Thursday to the sale of Southern California Savings & Loan to a group of investors led by former U.S. Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. Terms of the sale call for the outside investors, including Simon's group and affiliated Australian investors, to pump $43 million into the crippled financial institution, which is based in Beverly Hills. Federal Savings & Loan Insurance Corp.

William E. Simon, former Secretary of the Treasury and a highly successful investor in recent years, is investing these days in money-losing or even insolvent savings and loan companies--that is, in some of the worst casualties of what may be the most troubled industry in the United States.

Financial Corp. of America said Tuesday that it has been holding discussions with half a dozen companies--including HF Holdings--that are interested in acquiring long-ailing Irvine-based FCA and its American Savings & Loan Assn. subsidiary. HF Holdings, headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin, acknowledged that it is gathering information and holding "very preliminary" talks with FCA officials about a possible purchase.

William E. Simon, former Secretary of the Treasury and a highly successful investor in recent years, is investing these days in money-losing or even insolvent savings and loan companies--that is, in some of the worst casualties of what may be the most troubled industry in the United States.

Pacific Savings Bank, under regulatory pressure to shore up its finances, is negotiating a possible merger with an aggressive new company headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. Officers at HF Holdings Inc. in San Francisco have been talking extensively with Pacific Savings managers and with federal regulators since last September, according to Gerald Parsky, an HF partner and spokesman.

The vice chairman of the Federal Reserve Board warned Tuesday that the nation is on the verge of a "growth recession" and that faster money growth and lower interest rates may be needed to counter it. Preston Martin told a foreign policy conference at the State Department that "a growth recession must be considered a real threat. In fact, the data currently available suggest that the economy is on the edge between healthy, sustainable growth and a growth recession."

The Senate Banking Committee unanimously approved the nomination of Manuel Johnson to be vice chairman of the Federal Reserve. Johnson, a member of the Fed, would serve a four-year term if approved by the full Senate. The position was recently vacated by Preston Martin, who resigned.

Federal Reserve Vice Chairman Preston Martin told a House committee that Fed governors reluctantly support legislation that would force banks to declare in advance how long their customers must wait before writing checks on their deposits. He conceded that banks had failed to set up a system voluntarily. But he said the Fed still opposes writing into law a timetable on so-called check holds.

Financial Corp. of America said Tuesday that it has been holding discussions with half a dozen companies--including HF Holdings--that are interested in acquiring long-ailing Irvine-based FCA and its American Savings & Loan Assn. subsidiary. HF Holdings, headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin, acknowledged that it is gathering information and holding "very preliminary" talks with FCA officials about a possible purchase.

Regulators gave final approval Thursday to the sale of Southern California Savings & Loan to a group of investors led by former U.S. Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. Terms of the sale call for the outside investors, including Simon's group and affiliated Australian investors, to pump $43 million into the crippled financial institution, which is based in Beverly Hills. Federal Savings & Loan Insurance Corp.

Pacific Savings Bank, under regulatory pressure to shore up its finances, is negotiating a possible merger with an aggressive new company headed by former Treasury Secretary William E. Simon and former Federal Reserve Board Vice Chairman Preston Martin. Officers at HF Holdings Inc. in San Francisco have been talking extensively with Pacific Savings managers and with federal regulators since last September, according to Gerald Parsky, an HF partner and spokesman.

The vice chairman of the Federal Reserve Board warned Tuesday that the nation is on the verge of a "growth recession" and that faster money growth and lower interest rates may be needed to counter it. Preston Martin told a foreign policy conference at the State Department that "a growth recession must be considered a real threat. In fact, the data currently available suggest that the economy is on the edge between healthy, sustainable growth and a growth recession."

The Reagan Administration had no comment on a published report that it was close to deciding to nominate a Texas bank official to a vacant seat on the Federal Reserve Board. The New York Times, quoting unnamed White House sources, reported that President Reagan was expected to nominate William Gibson, senior vice president at Republicbank Corp. of Dallas, to the central bank to replace Preston Martin. Martin, the board's vice chairman, resigned last month.

Japanese Firm Withdraws from Partnership: Tokio Marine & Fire Insurance Co. said it is severing its relationship with and withdrawing its money from WSGP Partners in Los Angeles. WSGP's founders include former Treasury Secretary William E. Simon, former Federal Reserve Board Vice Chairman Preston Martin and Los Angeles lawyer Gerald Parsky, although Simon and Martin are no longer involved.