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BUSINESS
October 4, 1994 | JAMES S. GRANELLI, TIMES STAFF WRITER
The Michigan banking company that owns Independence One Bank of California said Monday that it will seek a buyer for the thrift and give up its plan to start a financial services network across Southern California. Michigan National Corp. said it has potential buyers both in and out of state for its savings and loan subsidiary and expects to reach an agreement with one of them by early next year. The company, which had been expected to sell the thrift, would not identify the potential buyers.
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BUSINESS
October 4, 1994 | From Times Staff and Wire Reports
Michigan National to Sell Mission Viejo Thrift: The bank holding company, giving up its idea for a financial services network in Southern California, said it will seek a buyer for Independence One Bank of California. Michigan National Corp., which has shed its other out-of-state holdings, said it already has potential buyers both in state and out of state for its savings and loan subsidiary and expects to reach an agreement with one of them by early next year. Independence One, with $645.
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BUSINESS
October 4, 1994 | From Times Staff and Wire Reports
Michigan National to Sell Mission Viejo Thrift: The bank holding company, giving up its idea for a financial services network in Southern California, said it will seek a buyer for Independence One Bank of California. Michigan National Corp., which has shed its other out-of-state holdings, said it already has potential buyers both in state and out of state for its savings and loan subsidiary and expects to reach an agreement with one of them by early next year. Independence One, with $645.
BUSINESS
October 4, 1994 | JAMES S. GRANELLI, TIMES STAFF WRITER
The Michigan banking company that owns Independence One Bank of California said Monday that it will seek a buyer for the thrift and give up its plan to start a financial services network across Southern California. Michigan National Corp. said it has potential buyers both in and out of state for its savings and loan subsidiary and expects to reach an agreement with one of them by early next year. The company, which had been expected to sell the thrift, would not identify the potential buyers.
BUSINESS
May 21, 1991 | JOHN MEDEARIS, TIMES STAFF WRITER
Profits for most of the largest banks and savings and loans in the region stretching from Ventura to Glendale fell during the first three months of 1991, thanks to loan problems and declining market interest rates. Seven of the area's nine largest financial institutions recorded lower profits for the first quarter, compared to a year earlier. Falling interest rates dampened profits for a few banks.
BUSINESS
November 16, 1993 | DON LEE, TIMES STAFF WRITER
With still too many bad real estate loans in their books, local banks and savings and loans took another hard hit in the third quarter. Led by Glendale Federal Bank and Great Western Financial Corp., six of the eight major financial institutions based in the San Fernando Valley and Ventura County posted losses in the third quarter, compared with just three in the previous quarter. Only CU Bancorp and American Pacific State Bank reported a profit in the latest quarter.
BUSINESS
October 31, 1990 | TOM PETRUNO
A stock that drops to $2 from $20 in 10 months is one of two things: a bankrupt or a super bargain. There's no in-between. Institutional investors look at the Southland bank and S&L stocks that have been ravaged to that extent, and they see bankrupts. But many small investors have taken a shine to the stocks and have been avidly buying them in the slide. James Alexander of brokerage J. Alexander Securities in Los Angeles says he hasn't advised buying a single S&L stock for at least six months.
BUSINESS
June 18, 1985 | BILL RITTER
Friday evenings typically are known as getaway nights, heralding the weekend. But for those who like to keep tabs on the ever-changing financial services industry, Fridays are quickly becoming known as takeover nights. Twice in the last three weeks, there have been regulator-ordered management shake-ups at savings and loans in Southern California--Central Savings & Loan in San Diego and Southern California Savings & Loan in Beverly Hills.
BUSINESS
July 28, 1992
Citadel Holding Corp. Business: Banking Symbol: CDL Shares Outstanding: 3.3 million Market: AMEX Closing Price on 7/24/92: $25 Citadel Holding Corp. is the Glendale-based parent of Fidelity Federal Bank. Citadel has performed reasonably well given the troubles that have afflicted major savings-and loans in Southern California. One reason is that most of Fidelity Federal's loan portfolio is in residential housing, which is less risky than commercial property and construction loans.
BUSINESS
September 28, 1987
That groaning over at Nissan corporate headquarters in Carson these days isn't coming from the engine testing labs. It's the sound of execs bemoaning Nissan's recent decision to unload 1987 Stanzas at the expense of a cherished perk: a free company car. Last month, about 650 of the company's top brass were ordered to exchange their luxury Maximas, sporty 300ZXs and other models for the slower selling, mid-priced Stanza sedans.
BUSINESS
November 16, 1993 | DON LEE, TIMES STAFF WRITER
With still too many bad real estate loans in their books, local banks and savings and loans took another hard hit in the third quarter. Led by Glendale Federal Bank and Great Western Financial Corp., six of the eight major financial institutions based in the San Fernando Valley and Ventura County posted losses in the third quarter, compared with just three in the previous quarter. Only CU Bancorp and American Pacific State Bank reported a profit in the latest quarter.
BUSINESS
May 21, 1991 | JOHN MEDEARIS, TIMES STAFF WRITER
Profits for most of the largest banks and savings and loans in the region stretching from Ventura to Glendale fell during the first three months of 1991, thanks to loan problems and declining market interest rates. Seven of the area's nine largest financial institutions recorded lower profits for the first quarter, compared to a year earlier. Falling interest rates dampened profits for a few banks.
BUSINESS
October 31, 1990 | TOM PETRUNO
A stock that drops to $2 from $20 in 10 months is one of two things: a bankrupt or a super bargain. There's no in-between. Institutional investors look at the Southland bank and S&L stocks that have been ravaged to that extent, and they see bankrupts. But many small investors have taken a shine to the stocks and have been avidly buying them in the slide. James Alexander of brokerage J. Alexander Securities in Los Angeles says he hasn't advised buying a single S&L stock for at least six months.
BUSINESS
September 7, 1988 | TOM FURLONG, Times Staff Writer
Robert M. Bass, the Texas investor who is acquiring American Savings & Loan, will probably make a concerted effort to keep William J. Popejoy as chief executive, but it's questionable whether he will succeed. Weary after four demanding years in the job, Popejoy has said he wants out as soon as a successor is firmly in place. "I want to get this chapter of my life behind me as soon as possible," he said in a recent interview.
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