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BUSINESS
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.
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BUSINESS
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.
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BUSINESS
November 14, 1989
Royal Trustco Ltd., the parent of the insolvent thrift Pacific Savings Bank, agreed with the U.S. Office of Thrift Supervision to reduce to less than 5% its stake in Glenfed Inc., the Glendale-based parent of Glendale Federal Bank. Royal Trustco holds about 9.5% shares of Glenfed stock.
BUSINESS
November 14, 1989
Royal Trustco Ltd., the parent of the insolvent thrift Pacific Savings Bank, agreed with the U.S. Office of Thrift Supervision to reduce to less than 5% its stake in Glenfed Inc., the Glendale-based parent of Glendale Federal Bank. Royal Trustco holds about 9.5% shares of Glenfed stock.
BUSINESS
February 8, 1990 | James S. Granelli, Times staff writer
Glenfed Shares Sold: Royal Trustco, meantime, sold 515,000 shares of stock in Glendale Federal's parent firm to reduce its ownership stake to a little less than 5%, approximately 1.5 million shares. The Canadian firm had purchased nearly 10% of Glenfed Inc. stock in the fall of 1987 in an apparent effort to work out a friendly merger. But Glenfed rebuffed Royal Trustco, and the Canadian firm did not want to launch a hostile takeover.
BUSINESS
November 14, 1987 | TOM FURLONG, Times Staff Writer
Royal Trustco, a Toronto-based financial services company with ties to one branch of the wealthy Bronfman clan, has acquired an 8.6% interest in the parent firm of Glendale Federal Savings & Loan for $54.7 million and indicated that it may eventually seek control of the thrift company, it was disclosed Friday. According to a filing with the Securities and Exchange Commission, Royal Trustco has accumulated 2.48 million shares of stock in Glenfed Inc., the parent company, since late September.
BUSINESS
November 11, 1989 | Jonathan Weber, Times staff writer
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.
BUSINESS
April 23, 1986 | Associated Press
Dow Chemical said today it has sold its international financial subsidiary to a Canadian company. Royal Trustco Ltd. of Toronto has agreed to purchase Dow Financial Services for $168 million, subject to certain adjustments, the Midland-based chemical giant said in a statement. Dow Financial Services is involved in international merchant banking, with affiliated operations in Switzerland, London, Hong Kong, Singapore and the Cayman Islands, and employs about 800 people, the company said.
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