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BUSINESS
October 8, 1992 | JAMES S. GRANELLI, TIMES STAFF WRITER
Michigan National Corp., citing differences on "multiple issues," has abruptly called off its proposed $25.5-million cash-and-stock acquisition of CommerceBancorp. The giant bank holding company, which already owns Beverly Hills Business Bank, a Mission Viejo thrift, said Wednesday that the tentative accord reached three weeks ago was "very preliminary" and that executives want to look more deeply into CommerceBancorp's financial condition.
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BUSINESS
April 13, 2010 | By Jim Puzzanghera
Former top executives at failed savings-and-loan Washington Mutual on Tuesday defended their performance in the years before the bank's 2008 collapse, saying they tried to reduce the huge risks it was taking in the subprime market and they, like virtually everyone else, failed to foresee the huge housing downturn that led to the financial crisis. The executives testified at a hearing by a Senate panel investigating WaMu's downfall, the largest bank failure in U.S. history. After an 18-month review, the Senate's Permanent Subcommittee on Investigations found the company had created a "mortgage time bomb" by making subprime loans they knew were likely to go bad and then packaging them into risky securities.
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BUSINESS
August 3, 1993 | JILL BETTNER, TIMES STAFF WRITER
The statewide economic downturn, now in its fourth year, and sagging property values in the San Fernando Valley and Ventura County continued to take their toll on local banks and savings and loans in the quarter that ended June 30. Three of the area's eight largest financial institutions, as ranked by total assets, posted losses for the period, including Levy Bancorp, Ventura County National Bancorp and Glenfed Inc. Two others--American Pacific State Bank and Great Western Financial Corp.
CALIFORNIA | LOCAL
June 11, 2009 | Dennis McLellan
Robert R. Sprague, a former Los Angeles-based leader of the savings and loan industry and a philanthropist who was a major donor to UC Irvine, has died. He was 92. Sprague died of cancer June 2 at his home in Corona del Mar, said his daughter, Lois M. Sprague.
BUSINESS
February 10, 1990 | JERRY KNIGHT, THE WASHINGTON POST
The executive in charge of the $164-billion savings and loan cleanup quit Friday, dealing another setback to the White House's most costly domestic initiative and giving Congress a new chance to blame the Bush Administration for delays that are costing the taxpayers $10 million a day. Complaining that he was not given "the authority that I believe is essential to be effective," Daniel P. Kearney resigned as president of the Resolution Trust Corp.
BUSINESS
July 13, 1991 | From Times Staff and Wire Reports
B of A Buys Failed Texas Thrift: The San Francisco banking firm paid the federal Resolution Trust Corp. $12.8 million for the deposits and some assets of Commerce Federal Savings Assn. in San Antonio. BankAmerica has been expected to start buying failed Texas thrifts after it established a legal toehold in the state with the purchase of a small Houston bank in May. BankAmerica said it acquired $775 million in deposits and $29 million in assets such as cash and loans secured by deposits.
BUSINESS
July 21, 1989 | Michael Flagg, Times staff writer
In case you were wondering, savings and loans and banks made $3.7 billion worth of home loans in Orange County through May. More than 220 financial institutions made the loans, according to Damar Corp., a Los Angeles market research firm that keeps track of that sort of thing. Far and away the biggest lender was Great Western Savings with 9% of the market and $341 million in loans. Second was Homes Savings of America, with 7% of the market and $265 million in loans.
BUSINESS
January 26, 1991 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
U.S. banking industry officials are huddling with federal regulators in a hasty but determined effort to develop a system of early financial aid for troubled banks to avoid costly collapses and government takeovers, sources said Friday. The bankers have a dual goal: to ease public anxiety about the safety of America's financial system and to persuade Congress that it is safe to give banks expanded powers to enter new lines of business.
NEWS
July 28, 1991 | JAMES RISEN, TIMES STAFF WRITER
The federal agency charged with cleaning up the savings-and-loan problem has failed to pay tens of millions of dollars in local taxes on real estate seized from failed thrifts, impeding the sale of those properties and hurting school districts and cities. The regulators' failure to pay the property taxes on time is also adding to the skyrocketing cost of the S&L bailout, since many cities and counties are now assessing mounting penalties and interest on the properties, The Times has learned.
CALIFORNIA | LOCAL
April 17, 2009 | Dennis McLellan
John S. Broome, an Oxnard rancher and philanthropist whose family has owned land in Ventura County since before the turn of the 20th century and who was a major supporter of Cal State Channel Islands, has died. He was 91. Broome, who had a stroke in January, died April 10 at home on his ranch, said his grandson Alden Broome. The Illinois-born Broome was part of a family that bought a Mexican land grant in Ventura County -- Rancho Guadalasca -- in 1880.
BUSINESS
January 27, 2009 | E. Scott Reckard
Troubled by delinquent mortgages at First Federal Bank of California, regulators have prompted the L.A. savings and loan to quit lending and ordered it to submit a detailed plan for how it intended to remain well-capitalized for the next three years. The cease-and-desist order, which parent company FirstFed Financial Corp. disclosed late Monday, also requires the Westside firm to stop making interest payments on $150 million in publicly held debt.
BUSINESS
September 13, 2007 | From Bloomberg News
Washington Mutual Inc., the largest U.S. savings and loan, said Wednesday that it would shutter one division that bought mortgages from other home lenders and another that financed mortgage companies. The closures will result in about 1,000 firings, Washington Mutual spokesman Alan Gulick said. But the Seattle-based company also plans to hire about 1,000 loan officers in the next few months in its mortgage and bank branches, bringing the total to about 3,000, he said.
CALIFORNIA | LOCAL
February 22, 2005 | From Times Staff and Wire Reports
John L. Hamner, 85, a former state administrative official who ran a marketing program for a savings and loan, died Feb. 11 of natural causes in Petaluma, Calif. Hamner, a native of Salina, Kans., earned a bachelor's degree in public administration from UCLA and a law degree from Southwestern College School of Law. He served in Army counter-intelligence in World War II. Hamner was a field office manager for the state Board of Equalization for 15 years.
CALIFORNIA | LOCAL
June 17, 1995 | LESLIE BERKMAN
A man who was allegedly shot in the leg by a security guard after an argument in the parking lot of a savings and loan in Laguna Hills has filed a lawsuit against the guard, Home Savings and Loan and Pinkerton Security and Investigative Services. The suit, filed this week in Orange County Superior Court by Elias Villaran, 20, of Culver City seeks an unspecified amount in damages.
BUSINESS
December 16, 1994 | CHRIS KRAUL and SEBASTIAN ROTELLA, TIMES STAFF WRITERS
Three former executives of failed HomeFed Bank of San Diego were indicted Thursday by a San Diego federal grand jury on 10 felony counts of conspiracy and fraud. The case stemmed from a federal task force's two-year investigation of the thrift's real estate development activities. The charges focus on an alleged "sham sale" of property in 1990 by the S&L's real estate development subsidiary, Home Capital Corp.
NEWS
July 16, 1990 | PAUL HOUSTON, TIMES STAFF WRITER
Atty. Gen. Dick Thornburgh said Sunday that he is unaware of any criminal wrongdoing by Neil Bush, the President's son, in the collapse of a Denver savings and loan. Although federal regulators have charged Bush with civil violations of banking regulations in his role as a director of the thrift, they have not asked the Justice Department to investigate possible criminal misconduct, Thornburgh said in a television interview.
CALIFORNIA | LOCAL
February 6, 1991 | Researched by: KATHIE BOZANICH / Los Angeles Times
Here's the number of Orange County-based savings and loan institutions seized by federal regulators and the estimated resolution costs: Number Estimated of S&Ls Resolution Year Seized Cost ** 1985 2 $1,264 1986 3 917 1987 6 602.6 1988 1 1,700 1989 3 *** 4.96 1990 4 96.65 1991 * 3 Yet to be determined **The estimated resolution cost is the amount paid by the federal government to either sell or liquidate an ailing thrift; amounts listed in millions of dollars.
BUSINESS
December 8, 1994 | JAMES S. GRANELLI, TIMES STAFF WRITER
Richard J. Meyer, former chairman and majority owner of an Anaheim bank, will start serving a five-year federal prison term in February for defrauding a failed Northern California savings and loan he owned. Meyer, 58, had pleaded guilty 11 months ago to looting Cal America Savings & Loan in Walnut Creek in what prosecutors said was a "wide-ranging scheme" to turn the thrift into "his personal piggy bank."
NEWS
June 18, 1994
Sydney R. Barlow, 88, an attorney who founded Gibraltar Savings & Loan Assn. of Beverly Hills. Educated at USC Law School, Barlow was in private practice for many years before founding Gibraltar in 1952. He served as its chairman until he retired in 1975. A Beverly Hills civic leader, Barlow was a major fund-raiser for the City of Hope. He also helped found the Los Angeles County Museum of Art, the Music Center and the American Film Institute. On Tuesday in Los Angeles.
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