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Stephen J Trafton

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BUSINESS
November 30, 1993 | DON LEE, TIMES STAFF WRITER
Having just narrowly completed a $451-million recapitalization that saved the big savings and loan from government seizure, Glendale Federal Bank now faces another daunting task: making a profit. Though no longer threatened by regulators, the nation's fifth-largest S&L is still stuck in California's depressed economy and real estate market. Glendale's ratio of delinquent loans to total loans remains close to 5%, versus an average of less than 3% for the S&L industry in Southern California.
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BUSINESS
July 2, 1996 | MARTHA GROVES, TIMES STAFF WRITER
You could say that Steve Trafton spent Monday on a Rocky Mountain high--literally and figuratively. Having spent 10 days climbing in the Colorado Rockies, the Glendale Federal Bank chairman came down from the clouds only to have his head back in them after hearing some long-awaited news: that the U.S. Supreme Court had vindicated him and his institution in a seven-year battle with the federal government over a broken promise.
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BUSINESS
July 2, 1996 | MARTHA GROVES, TIMES STAFF WRITER
You could say that Steve Trafton spent Monday on a Rocky Mountain high--literally and figuratively. Having spent 10 days climbing in the Colorado Rockies, the Glendale Federal Bank chairman came down from the clouds only to have his head back in them after hearing some long-awaited news: that the U.S. Supreme Court had vindicated him and his institution in a seven-year battle with the federal government over a broken promise.
BUSINESS
November 30, 1993 | DON LEE, TIMES STAFF WRITER
Having just narrowly completed a $451-million recapitalization that saved the big savings and loan from government seizure, Glendale Federal Bank now faces another daunting task: making a profit. Though no longer threatened by regulators, the nation's fifth-largest S&L is still stuck in California's depressed economy and real estate market. Glendale's ratio of delinquent loans to total loans remains close to 5%, versus an average of less than 3% for the S&L industry in Southern California.
BUSINESS
September 24, 1993 | From Times Staff and Wire Reports
OTS Lifts Order: Glendale Federal Bank said the Office of Thrift Supervision has lifted an order that would have required the thrift to meet higher than average capital levels by the end of 1994. The OTS rescinded the prompt corrective action order because of Glendale Federal's "dramatically improved capital position," a result of its $451-million recapitalization last month, thrift Chairman Stephen J. Trafton said. The recision removes a number of operating restrictions on the bank, he said.
BUSINESS
February 27, 1996
Glendale Federal Bank said it has agreed to exchange 980,000 shares of its Series E preferred stock for 2.626 million shares of the savings and loan's common stock. Glendale Federal Chief Executive Stephen J. Trafton said the stock exchange was done to allow the savings and loan "to reduce the amount of dividends paid on its preferred stock in the future." He also said the company may consider exchanging other Series E preferred stock shares with other investors.
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