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BUSINESS
September 13, 1989 | JAMES S. GRANELLI, Times Staff Writer
Orange County's 35 savings and loans posted a combined loss of $740 million in the second quarter, most of it coming from insolvent Lincoln Savings & Loan in Irvine. Sixteen local savings institutions lost money in the second quarter, with the biggest losers being Lincoln and four other insolvent institutions. Lincoln posted a $787,983 loss in the second quarter. Profits of $63.4 million by other S&Ls helped lower the combined loss to $740 million. But 11 other S&Ls also posted losses.
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BUSINESS
February 16, 1994 | CHRIS KRAUL, TIMES STAFF WRITER
In a major effort to cleanse its balance sheet, California Federal Bank said Tuesday that it plans to unload $800 million in problem assets through bulk sales--a move that will result in a charge of $280 million in the first quarter. The extent of the sale and the size of the charge were much larger than had been expected and are the final elements of a bold, but risky, restructuring plan that aims to restore the giant savings and loan to financial health.
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NEWS
March 11, 1992 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Federal regulators said Tuesday that falling interest rates and government takeovers of troubled thrifts helped the nation's savings and loan industry earn nearly $2 billion in 1991, putting an end to four years of massive losses. Timothy Ryan, director of the Office of Thrift Supervision, termed the performance "a milestone." He said the industry is stabilizing after being rocked by hundreds of failures caused by bad loans, risky investments and widespread fraud.
BUSINESS
March 31, 1992 | JAMES BATES, TIMES STAFF WRITER
It's been dubbed the "Planes, Trains and Automobiles" case. After nearly two years, Thomas Spiegel is scheduled to face an administrative hearing in Pasadena today on allegations by thrift regulators that he improperly used such perks as luxury cars and corporate jets in the late 1980s while chief executive of Columbia Savings & Loan in Beverly Hills. Regulators are seeking millions of dollars in restitution from Spiegel, who has denied wrongdoing in the past.
BUSINESS
September 22, 1990 | From Associated Press
Depositors withdrew a record $15.1 billion from the nation's savings and loans in April, the government said Friday in another confirmation of the rapid retrenchment gripping the industry. The net withdrawal, which was somewhat offset by $2.9 billion in interest credited to savers' accounts, reduced deposits at the 2,839 S&Ls to $916 billion, the Treasury Department's Office of Thrift Supervision said. The previous record of $13.4 billion was set three months earlier.
BUSINESS
September 16, 1991 | From Times Staff and Wire Reports
RTC-Owned S&Ls Lost $1.64 Billion: Government-controlled savings and loans lost $1.64 billion in the April-June quarter, swamping the slim profits earned by the part of the industry still privately owned, the government said. Losses at the 193 institutions controlled at the end of June by the Resolution Trust Corp. were more than four times greater than the $387-million profit recorded by the 2,216 remaining S&Ls.
BUSINESS
March 8, 1989 | From Staff and Wires
The Federal Home Loan Bank of San Francisco reversed itself and announced Tuesday that it will join other regional banks in a special program to provide emergency funds for S&Ls suffering rapid withdrawals by nervous customers. Worried about potential financial losses, the San Francisco bank's directors originally refused to participate in the backup lending program. It was the only one of 12 regional Federal Home Loan Banks that refused to participate.
BUSINESS
February 16, 1994 | CHRIS KRAUL, TIMES STAFF WRITER
In a major effort to cleanse its balance sheet, California Federal Bank said Tuesday that it plans to unload $800 million in problem assets through bulk sales--a move that will result in a charge of $280 million in the first quarter. The extent of the sale and the size of the charge were much larger than had been expected and are the final elements of a bold, but risky, restructuring plan that aims to restore the giant savings and loan to financial health.
BUSINESS
October 9, 1991 | CHRIS KRAUL, SAN DIEGO COUNTY BUSINESS EDITOR
The parent of HomeFed Bank said Tuesday that it expects to report a massive loss for its third quarter, possibly wiping out $515 million in stockholders' equity, leaving the thrift insolvent and a likely candidate for a federal takeover. HomeFed, the nation's seventh-largest savings and loan, also said that federal regulators had placed the institution under strict operating restrictions as a result of the worsening of its financial condition in the past three months.
NEWS
March 11, 1992 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
Federal regulators said Tuesday that falling interest rates and government takeovers of troubled thrifts helped the nation's savings and loan industry earn nearly $2 billion in 1991, putting an end to four years of massive losses. Timothy Ryan, director of the Office of Thrift Supervision, termed the performance "a milestone." He said the industry is stabilizing after being rocked by hundreds of failures caused by bad loans, risky investments and widespread fraud.
BUSINESS
October 9, 1991 | CHRIS KRAUL, SAN DIEGO COUNTY BUSINESS EDITOR
The parent of HomeFed Bank said Tuesday that it expects to report a massive loss for its third quarter, possibly wiping out $515 million in stockholders' equity, leaving the thrift insolvent and a likely candidate for a federal takeover. HomeFed, the nation's seventh-largest savings and loan, also said that federal regulators had placed the institution under strict operating restrictions as a result of the worsening of its financial condition in the past three months.
BUSINESS
September 16, 1991 | From Times Staff and Wire Reports
RTC-Owned S&Ls Lost $1.64 Billion: Government-controlled savings and loans lost $1.64 billion in the April-June quarter, swamping the slim profits earned by the part of the industry still privately owned, the government said. Losses at the 193 institutions controlled at the end of June by the Resolution Trust Corp. were more than four times greater than the $387-million profit recorded by the 2,216 remaining S&Ls.
BUSINESS
September 22, 1990 | From Associated Press
Depositors withdrew a record $15.1 billion from the nation's savings and loans in April, the government said Friday in another confirmation of the rapid retrenchment gripping the industry. The net withdrawal, which was somewhat offset by $2.9 billion in interest credited to savers' accounts, reduced deposits at the 2,839 S&Ls to $916 billion, the Treasury Department's Office of Thrift Supervision said. The previous record of $13.4 billion was set three months earlier.
BUSINESS
August 6, 1990 | GEORGE WHITE, TIMES STAFF WRITER
Los Angeles-based Family Savings & Loan Assn., the nation's third-largest black-owned thrift institution, had many of the same problems that have led other thrifts to fail. It had money-losing real estate holdings and heavy operating expenses stacked onto an under-funded capital base. It had strayed from its traditional business, residential mortgages, to try its hand at commercial lending. It had a leader, former Chairman Oliver A. Trigg Jr.
BUSINESS
March 31, 1992 | JAMES BATES, TIMES STAFF WRITER
It's been dubbed the "Planes, Trains and Automobiles" case. After nearly two years, Thomas Spiegel is scheduled to face an administrative hearing in Pasadena today on allegations by thrift regulators that he improperly used such perks as luxury cars and corporate jets in the late 1980s while chief executive of Columbia Savings & Loan in Beverly Hills. Regulators are seeking millions of dollars in restitution from Spiegel, who has denied wrongdoing in the past.
BUSINESS
August 6, 1990 | GEORGE WHITE, TIMES STAFF WRITER
Los Angeles-based Family Savings & Loan Assn., the nation's third-largest black-owned thrift institution, had many of the same problems that have led other thrifts to fail. It had money-losing real estate holdings and heavy operating expenses stacked onto an under-funded capital base. It had strayed from its traditional business, residential mortgages, to try its hand at commercial lending. It had a leader, former Chairman Oliver A. Trigg Jr.
NEWS
December 12, 1989 | JAMES BATES, TIMES STAFF WRITER
Thomas Spiegel, a maverick who built Columbia Savings & Loan into one of the nation's most controversial thrifts by using federally insured deposits to buy high-risk junk bonds, announced Monday that he will resign Dec. 31 as head of the Beverly Hills institution. The resignation of Spiegel, 43, who will remain a Columbia consultant, comes at a tumultuous time for the thrift.
NEWS
November 7, 1989 | ROBERT A. ROSENBLATT and JAMES BATES, TIMES STAFF WRITERS
Federal regulators said Monday that 800 savings and loan associations--almost one-third of the industry--may fail tough new capital standards to be imposed next month. Institutions that cannot meet the rules by Dec. 7--possibly including a few larger thrifts in California--will be forbidden to expand financially and will be required to submit detailed business plans for the scrutiny and approval of federal regulators.
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