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Unified Savings Bank

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BUSINESS
October 11, 1986
The Federal Home Loan Bank Board put the 3-year-old Northridge thrift into receivership. The institution will reopen Tuesday, under FHLBB supervision, as Unified Savings. Federal officials said that depositors won't be affected by the closing and that no deposit insurance funds will be needed. Privately held Unified had $105.6 million in assets and a negative net worth of $1 million as of June 30. It lost $2.7 million in the first six months of the year.
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BUSINESS
April 25, 1989 | JAMES F. PELTZ, Times Staff Writer
In 1983, a group of San Fernando Valley businessmen opened a tiny, one-office savings institution in Northridge called Unified Savings Bank. In just three years, Unified's assets had ballooned more than tenfold to $105 million. But the growth didn't come without costs. During that same period, Unified went broke--a victim of fraud, bad loans and a willingness to pay dearly for deposits that left no room for profit, according to federal thrift regulators. In October, 1986, the regulators declared Unified insolvent and chose their own managers to run the S&L in hopes that it could work its way out of its problems.
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BUSINESS
April 25, 1989 | JAMES F. PELTZ, Times Staff Writer
In 1983, a group of San Fernando Valley businessmen opened a tiny, one-office savings institution in Northridge called Unified Savings Bank. In just three years, Unified's assets had ballooned more than tenfold to $105 million. But the growth didn't come without costs. During that same period, Unified went broke--a victim of fraud, bad loans and a willingness to pay dearly for deposits that left no room for profit, according to federal thrift regulators. In October, 1986, the regulators declared Unified insolvent and chose their own managers to run the S&L in hopes that it could work its way out of its problems.
BUSINESS
April 7, 1989 | From Staff and Wire Reports
The Federal Deposit Insurance Corp. seized control of 38 more troubled savings and loan institutions Thursday, including 12 in California and 11 in Texas, under President Bush's plan to shore up the thrift industry. The government takeovers brought to 215 the number of savings and loans, located in 31 states, enrolled in the so-called joint regulatory oversight program, which Bush launched in February.
BUSINESS
April 7, 1989 | From Staff and Wire Reports
The Federal Deposit Insurance Corp. seized control of 38 more troubled savings and loan institutions Thursday, including 12 in California and 11 in Texas, under President Bush's plan to shore up the thrift industry. The government takeovers brought to 215 the number of savings and loans, located in 31 states, enrolled in the so-called joint regulatory oversight program, which Bush launched in February.
CALIFORNIA | LOCAL
October 11, 1986 | DANIEL AKST and JAMES BATES, Times Staff Writers
Unified Savings Bank, a Northridge financial institution beset by bad loans and costly deposits, was declared insolvent and seized by federal regulators Friday. The Federal Home Loan Bank Board said the depositors holding Unified's 2,037 accounts will not be affected. The bank will reopen Tuesday--Monday is a bank holiday--under the federal bank board's supervision as Unified Savings, a federally chartered, depositor-owned institution.
CALIFORNIA | LOCAL
November 8, 1986
A Corona del Mar businessman was sentenced to two years in federal prison for his role in a bank fraud that cost two banks about $3 million in loan losses. At a hearing Friday, U.S. District Judge Alicemarie H. Stotler also ordered John Marsella, 45, to repay $15,000 to the banks and serve five years on probation. Mitsui Manufacturers Bank of Los Angeles and Unified Savings Bank in Northridge loaned the money to Marsella's business associate to finance a fleet of stretch limousines.
CALIFORNIA | LOCAL
June 25, 1986 | JANE APPLEGATE, Times Staff Writer
Two Orange County businessmen, accused of pocketing much of the $4 million they borrowed to build a fleet of custom limousines, were convicted Tuesday on federal bank fraud charges. Jurors deliberated eight days before returning guilty verdicts against Michael Victor Louciano of Orange and John Marsella of Corona del Mar. Louciano, 42, is an Iranian whose real name is Victor Bagha.
BUSINESS
August 31, 1988 | James S. Granelli, Times staff writer
Corona del Mar businessman Ernest George heard encouraging words at a government-sponsored conference to entice investors to buy troubled savings and loans. George, who owns a thrift and loan in Newport Beach and a controlling interest in a bank in Laguna Beach, is starting to negotiate with the Federal Home Loan Bank Board about the possible purchase of a small, insolvent savings institution in Los Angeles County.
BUSINESS
October 11, 1986
The Federal Home Loan Bank Board put the 3-year-old Northridge thrift into receivership. The institution will reopen Tuesday, under FHLBB supervision, as Unified Savings. Federal officials said that depositors won't be affected by the closing and that no deposit insurance funds will be needed. Privately held Unified had $105.6 million in assets and a negative net worth of $1 million as of June 30. It lost $2.7 million in the first six months of the year.
CALIFORNIA | LOCAL
October 11, 1986 | DANIEL AKST and JAMES BATES, Times Staff Writers
Unified Savings Bank, a Northridge financial institution beset by bad loans and costly deposits, was declared insolvent and seized by federal regulators Friday. The Federal Home Loan Bank Board said the depositors holding Unified's 2,037 accounts will not be affected. The bank will reopen Tuesday--Monday is a bank holiday--under the federal bank board's supervision as Unified Savings, a federally chartered, depositor-owned institution.
BUSINESS
March 4, 1986 | JEFF ROWE
A federal grand jury has charged the operators of an Orange County company that built stretch limousines with defrauding two Southland banks of at least $2.5 million in a purchase-leaseback scheme. Victor Bagha, 42, of Orange and John R. Marsella, 44, of Corona del Mar were accused of submitting falsified loan applications from customers who agreed to buy cars from the company and then lease them back to the company.
BUSINESS
June 17, 1989 | JAMES S. GRANELLI, Times Staff Writer
Moving to shore up management at Security Federal Savings & Loan, federal regulators installed a new president and board of directors at the Garden Grove thrift. The departing board appointed five new directors, at least four of whom have worked with troubled S&Ls elsewhere for the Federal Home Loan Bank Board. The new directors then hired William Verant as Security Federal's new president. Roger Sullivan, who had been named president just two weeks ago, returned to his position as vice president in charge of lending.
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