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June 13, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Federal thrift regulators, unable to find a buyer for troubled San Clemente Savings Bank during the past four months, seized the solvent but undercapitalized savings and loan on Friday. The Office of Thrift Supervision transferred the thrift's assets and liabilities to a newly chartered institution called San Clemente Federal Savings Bank. The new savings and loan will open for business as usual on Monday under conservatorship of the Resolution Trust Corp.
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BUSINESS
April 10, 1991 | James S. Granelli, Times staff writer
Low-Income Housing: San Clemente Savings Bank has joined 92 other financial institutions in a statewide consortium of lenders that fund mortgages for low-income housing. The consortium, the Savings Assns. Mortgage Co. in Santa Clara, provides the institutions with a supplemental way to fulfill their obligations under federal law to meet some needs of their communities. Eleven Orange County savings and loans and a county bank are among SAMCO's members.
BUSINESS
February 28, 1992 | JOHN O'DELL, TIMES STAFF WRITER
Officials at San Clemente Savings Bank said Thursday that they expect to ask federal regulators to try to sell the ailing thrift in order to avoid being shut down and placed under government control. John Polen, president of the S&L and executive vice president of its holding company, American Pacesetter, said the arrangement was proposed by the federal Office of Thrift Supervision after it rejected the holding company's Jan.
BUSINESS
December 17, 1991 | JOHN O'DELL
American Pacesetter, the holding company for San Clemente Savings Bank, said Monday that a third-quarter net loss of $2.9 million has eroded its subsidiary's capital so that the thrift no longer complies with any of the three minimum capital standards demanded by federal regulators. The $1.92-a-share loss, which compares to a net gain of $233,000, or 15 cents a share, in the third quarter of 1990, follows an examination by the federal Office of Thrift Supervision.
BUSINESS
June 13, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Federal thrift regulators, unable to find a buyer for troubled San Clemente Savings Bank during the past four months, seized the solvent but undercapitalized savings and loan on Friday. The Office of Thrift Supervision transferred the thrift's assets and liabilities to a newly chartered institution called San Clemente Federal Savings Bank. The new savings and loan will open for business as usual on Monday under conservatorship of the Resolution Trust Corp.
BUSINESS
March 6, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
Federal thrift regulators have restricted certain operations of San Clemente Savings Bank, including making large home loans, because the institution does not meet recently enacted capital requirements, the institution said Monday. In a filing with the Securities and Exchange Commission, San Clemente Savings said that as a result it has asked the parent, American Pacesetter in Newport Beach, to inject additional capital. The thrift also plans to sell some assets to raise funds.
BUSINESS
February 28, 1992 | JOHN O'DELL, TIMES STAFF WRITER
Officials at San Clemente Savings Bank said Thursday that they expect to ask federal regulators to try to sell the ailing thrift in order to avoid being shut down and placed under government control. John Polen, president of the S&L and executive vice president of its holding company, American Pacesetter, said the arrangement was proposed by the federal Office of Thrift Supervision after it rejected the holding company's Jan.
BUSINESS
September 4, 1991 | James S. Granelli / Times staff writer
Thrift Moves: Long Beach Bank, a federal savings and loan, recently moved its headquarters to a new facility in Orange, joining other thrifts that have moved to Orange County from the cities that gave them their names. Other county S&Ls that still carry the names of the cities in which they started are Downey Savings & Loan in Newport Beach, Beverly Hills Business Bank in Laguna Hills and San Clemente Savings Bank in Irvine.
BUSINESS
December 17, 1991 | JOHN O'DELL
American Pacesetter, the holding company for San Clemente Savings Bank, said Monday that a third-quarter net loss of $2.9 million has eroded its subsidiary's capital so that the thrift no longer complies with any of the three minimum capital standards demanded by federal regulators. The $1.92-a-share loss, which compares to a net gain of $233,000, or 15 cents a share, in the third quarter of 1990, follows an examination by the federal Office of Thrift Supervision.
BUSINESS
April 10, 1991 | James S. Granelli, Times staff writer
Low-Income Housing: San Clemente Savings Bank has joined 92 other financial institutions in a statewide consortium of lenders that fund mortgages for low-income housing. The consortium, the Savings Assns. Mortgage Co. in Santa Clara, provides the institutions with a supplemental way to fulfill their obligations under federal law to meet some needs of their communities. Eleven Orange County savings and loans and a county bank are among SAMCO's members.
BUSINESS
March 6, 1990 | JAMES S. GRANELLI, TIMES STAFF WRITER
Federal thrift regulators have restricted certain operations of San Clemente Savings Bank, including making large home loans, because the institution does not meet recently enacted capital requirements, the institution said Monday. In a filing with the Securities and Exchange Commission, San Clemente Savings said that as a result it has asked the parent, American Pacesetter in Newport Beach, to inject additional capital. The thrift also plans to sell some assets to raise funds.
BUSINESS
May 9, 1993
Two savings and loans in Orange County are among 23 ordered put up for sale by the federal Resolution Trust Corp. They are First Newport Federal Savings Bank in Newport Beach, with $20 million in deposits, and San Clemente Federal Savings Bank with nearly $120 million. The 23 will be put up for sale because they are among the costliest to run, the RTC said. It costs the government about $3 million a day to run insolvent thrifts.
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