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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.
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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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REAL ESTATE
October 11, 1987 | DAVID W. MYERS
Southern California Savings & Loan Assn., the Beverly Hills-based thrift purchased earlier this year by an investor group headed by former U. S. Treasury Secretary William E. Simon and former Federal Reserve Board vice chairman Preston Martin, has formed a so-called "direct-investment" subsidiary to invest an initial $30 million in California real estate.
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.
CALIFORNIA | LOCAL
August 7, 1992
Privatization of our public school system is comparable to our deregulation of our savings and loan system. SIGMUND S. MAITLES Santa Monica
BUSINESS
February 24, 1987
Atlantic Financial said it has agreed to buy the Los Angeles-based savings and loan for $6.5 million. Centurion Savings has $105 million in assets and operates several branch offices in the Los Angeles area. If the sale goes through, Centurion's branches will be operated by Atlantic Financial Savings Bank, which already has nine branches in California. The sale still needs regulatory and stockholder approvals. Atlantic Financial is Pennsylvania's largest savings and loan.
CALIFORNIA | LOCAL
January 17, 1997 | NICK GREEN
A fortysomething bandit wearing a pink dress shirt and carrying a daily organizer robbed a Ventura savings and loan Thursday, authorities said. The clean-shaven, bespectacled man passed a note to a teller about 1:50 p.m. at a branch of World Savings and Loan Assn. at 2704 E. Thompson Blvd., said FBI Agent Larry Dick. No weapon was seen during the robbery, and the man--whom Dick described as older than the average bank robber--fled from the area on foot.
BUSINESS
February 15, 1986 | TOM FURLONG, Times Staff Writer
Great Western Savings, marking its first retail branch expansion outside California, Friday acquired the deposits of a failed savings and loan in northern Florida for $20.9 million. Great Western said it agreed to assume an estimated $66 million in insured deposits from Intercapital Savings Bank, a one-office S&L in Jacksonville Beach. The Florida financial institution was seized by savings and loan regulators Friday afternoon.
BUSINESS
January 25, 1986 | TOM FURLONG, Times Staff Writer
California real estate executive Roslyn Payne has been nominated to be chief executive of the Federal Asset Disposition Assn., a quasi-government company formed to liquidate assets of troubled savings and loan associations. The nomination by the FADA board of directors is pending before the Federal Home Loan Bank Board. Although the choice has not been announced, her nomination was confirmed by several S&L industry sources. A spokeswoman for the bank board declined to comment.
BUSINESS
August 18, 1986
The two financial institutions announced a definitive agreement under which Gibraltar Financial will acquire the Northern California savings and loan for cash and stock in a deal valued at $16.5 million. Santa Clara Savings has $300 million in assets and five branches in the San Francisco Bay Area.
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
December 22, 2001
In the second takeover-style robbery in Ventura County in a little more than 24 hours, a masked gunman held up a Camarillo savings and loan Friday and escaped on foot with an undisclosed amount of cash. The robbery at World Savings & Loan on Las Posas Road at Ponderosa Drive occurred about 12:30 p.m. The robber, carrying a silver semiautomatic handgun, ordered several tellers to put $100 bills into his briefcase. He then ran across Las Posas Road into an apartment complex, where he disappeared.
BUSINESS
September 4, 1997 | Denise Gellene
It's hard not to turn weepy-eyed watching commercials for Home Savings of America from TBWA Chiat/Day-Venice. The big thrift has abandoned its 1950s retro campaign after a two-year run in favor of the sentimentality that marked previous efforts. The ads are a walk through the ups and downs of life--vacations, new cars, weddings, funerals, layoffs--mixed with deep thoughts: "Life can only be understood backwards, but must be lived forwards."
CALIFORNIA | LOCAL
November 16, 1985
FBI agents and San Diego police arrested two men Friday morning who are suspected of robbing a Hillcrest savings and loan earlier in the day. An FBI spokeswoman said that officers arrested William B. Fries, 40, and James P. Rossi, 36, as the two were attempting to drive away from a parking lot at the corner of 1st Street and University Avenue. Police allege that Rossi entered the Home Federal Savings and Loan on the 300 block of Washington Street at 10:50 a.m. and pointed a .
BUSINESS
May 11, 1989
Bank Gets New Name: Glendale Federal changed its name to Glendale Federal Bank. The bank said the change helps convey a "solid image" and reflects the fact that it offers many of the same consumer services offered by banks. Glendale Federal, the nation's fifth-largest mortgage lender, said it converted to a federal savings bank from a savings and loan, paving the way for the change.
BUSINESS
May 23, 1997
Maxxam Inc. shareholders rejected an environmentalist-led proposal to swap the Houston-based firm's old-growth redwood forests in California for liabilities related to a savings and loan it once controlled. However, supporters of the proposal claimed a public relations victory because an estimated 6% of shares voted at the annual meeting were in favor of the so-called willing-seller measure. An estimated 9% of shares were voted in favor of two directors nominated by the dissident groups.
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