November 15, 1991 |
CalFed Inc. and Glenfed Inc. have been holding serious talks over the past few months about a merger that would create the nation's second-largest thrift, according to sources familiar with the negotiations. But prospects for a union of the thrifts, which have both been hit hard by problem real estate loans, remain uncertain, the sources said. CalFed, the nation's fifth-largest thrift, and Glenfed, the fourth largest, declined to comment.
September 6, 1991 |
Earnings at private savings institutions slipped in the April-June quarter despite the most favorable interest rate conditions in four years, the government said Thursday. Timothy Ryan, director of the Office of Thrift Supervision, blamed commercial real estate losses at 10 large institutions--many of them in California--for the 37% decline. He did not identify them. The thrifts earned $387 million in the second quarter, down from $610 million in the first three months of the year.
August 14, 1991 |
The bank company that results from the merger of the state's No. 1 banking company, BankAmerica Corp., and No. 2 Security Pacific Corp. is expected to cast a huge shadow on the California financial landscape, sending lesser banks and thrift institutions scurrying for market position.
August 7, 1991 |
L. William Seidman, the outspoken federal regulator who has been overseeing the massive savings and loan cleanup while trying to avert a similar taxpayer bailout of banks, said Tuesday that he will resign Oct. 16 as chairman of the Federal Deposit Insurance Corp. In a letter to President Bush, Seidman, 70, said he would step down when his term expires in 10 weeks.
July 16, 1991 |
Despite the effects of a recession, Orange County's independent banks reported a combined net income of $9.6 million for the first quarter. The profit, though, is lower than the $11.6 million earned in last year's first quarter and continues the downward spiral for the local industry, according to regulatory figures compiled by Sheshunoff Information Services Inc. in Austin, Tex. "We don't see anything in the economy to turn it around right now," said banking consultant Gerry Findley of Brea.
July 4, 1991 |
Postmaster General Anthony M. Frank is considering returning to the thrift industry, possibly as a top federal regulator or leading the merger of several big, troubled California savings and loan associations, government and industry sources said Wednesday. Frank, who ran First Nationwide Savings & Loan in San Francisco, has been talking with S&L executives, government officials and others about ways to combine private capital with government aid to bolster the industry.
June 18, 1991 |
The Bush Administration has dramatically raised its estimate for the cost of the savings and loan bailout to as much as $160 billion, Treasury Secretary Nicholas F. Brady acknowledged Monday. Brady said the Administration will ask Congress next week for billions of dollars more for the Resolution Trust Corp., the agency charged with handling the S&L cleanup.