Spencer Scott

American Continental Corp. in Phoenix was hoping for a smooth exit from the savings and loan industry through its pending sale of Lincoln Savings & Loan in Irvine. But the sale to an investor group headed by Spencer Scott in Glendale has hit a few snags, some of which may be straightened out more easily than others.

A California investor group that once had the inside track in acquiring Lincoln Savings & Loan has been rejected by state regulators for failing to complete its application for control of the Irvine-based S&L in a timely fashion. The group, headed by longtime industry executive Spencer Scott of Glendale, has had trouble obtaining written commitments from investors who were to put up $50 million as part of the December agreement to acquire Lincoln from American Continental Corp. in Phoenix.

A California investor group that once had the inside track in acquiring Lincoln Savings & Loan has been rejected by state regulators for failing to complete its application for control of the Irvine-based S&L in a timely fashion. The group, headed by longtime industry executive Spencer Scott of Glendale, has had trouble obtaining written commitments from investors who were to put up $50 million as part of the December agreement to acquire Lincoln from American Continental Corp. in Phoenix.

The head of a Los Angeles investor group said Wednesday that its agreement to acquire Lincoln Savings & Loan of Irvine has expired, but the group is still negotiating with Lincoln's parent company and hopes to keep the deal alive. Meanwhile, Asst. U.S. Atty. Terree Bowers in Los Angeles confirmed that Lincoln is involved in a criminal fraud investigation being conducted by his office. But Bowers would not say if the S&L was involved as a suspect or a victim, and he declined further comment.

The head of a Los Angeles investor group said Wednesday that its agreement to acquire Lincoln Savings & Loan of Irvine has expired, but the group is still negotiating with Lincoln's parent company and hopes to keep the deal alive. Meanwhile, Asst. U.S. Atty. Terree Bowers in Los Angeles confirmed that Lincoln is involved in a criminal fraud investigation being conducted by his office. But Bowers would not say if the S&L was involved as a suspect or a victim, and he declined further comment.

The Metropolitan Water District of Southern California has leased about 26,000 square feet of office space at Arroyo Parkway Plaza, 1111 S. Arroyo Parkway, Pasadena, with a five-year lease valued at $2.4 million. Spencer-Scott Real Estate Group represented the tenant and Grubb & Ellis Commercial Brokerage Services represented the landlord.

Chairman Spencer Scott told a shareholders meeting that two companies--one a California savings and loan and the other an out-of-state non-financial firm--have contacted Citadel about a possible acquisition. But Scott also noted that no bids have been received and that no negotiations are under way. Citadel is the parent company of Glendale-based Fidelity Federal Savings & Loan. A proposed merger between Citadel and Great Western Financial has been stalled for several weeks because Salomon Bros.

The Glendale-based parent of Fidelity Federal Savings & Loan said it no longer believed that acquiring another firm was the best means of "maximizing shareholder value." Earlier this week, Chairman Spencer Scott said Citadel had authorized its investment banker to seek companies interested in a merger or acquisition deal.

Hecco Ventures, a partnership that owns about 9.5%of Citadel Holding's common stock, said in a filing with the SEC that it plans to vote against a proposed merger with Great Western Financial that was reported in May. Great Western plans to acquire Citadel Holding, parent company of Fidelity Federal Savings & Loan Assn., through an exchange of stock worth more than $100 million.

James A. Taylor, chairman of Fidelity Federal Savings & Loan Assn. and its parent company, Citadel Holding Corp., was named to the additional title of CEO of the S&L. The post had been vacant since January when Gerald D. Barrone resigned. Taylor, who has served as a director since 1974, was named chairman of the Glendale-based holding company and S&L in 1985.

American Continental Corp. in Phoenix was hoping for a smooth exit from the savings and loan industry through its pending sale of Lincoln Savings & Loan in Irvine. But the sale to an investor group headed by Spencer Scott in Glendale has hit a few snags, some of which may be straightened out more easily than others.

Phoenix-based American Continental Corp. will change its focus from land development to income-producing properties and cut its work force in half after selling Lincoln Savings & Loan, Chairman Charles H. Keating Jr. said. Keating told reporters during an informal gathering in his office that the sale of Lincoln Savings to a California investment group is critical to the survival of American Continental.

Phoenix-based American Continental Corp. will change its focus from land development to income-producing properties and will cut its work force in half after selling Lincoln Savings & Loan Assn., chairman Charles H. Keating Jr. said Thursday. Keating told reporters during an informal gathering in his office that the sale of Irvine-based Lincoln Savings to an investment group is critical to survival of American Continental.