June 18, 1987 |
The Australian owners of Universal Savings Bank on Wednesday accused the state savings and loan commissioner of relying on "unsubstantiated and untrue allegations" made by a disgruntled director to justify the unprecedented takeover of the healthy, Orange-based S&L. Christopher Blaxland, the suspended chairman of Universal and a director of Universal's parent company, Unity Group Ltd.
June 30, 1987
The longtime president of Universal Savings Bank, ousted by state regulators when they took over the savings and loan in an unprecedented action June 16, is being brought back to once again run the Orange-based institution. Serge B. Woodruff will resume his duties on a temporary, full-time basis, according to William D. Davis, chief deputy commissioner of the state Department of Savings and Loan.
January 15, 1988 |
Universal Savings Bank, the Orange-based savings and loan that state regulators seized briefly during the summer, will close its Santa Ana office Feb. 4, leaving the S&L with nine branches in Orange and Los Angeles counties. Universal's president, George C. Hale, could not be reached during the last two days to explain why the institution was closing the branch at 2140 N. Main St. One reason could be efficiency. The branch's deposits accounted for about 2.
January 1, 1987 |
Unity Corp. Ltd. of Sydney announced Wednesday that it has bought Universal Savings Bank for $10.2 million, a sale that marks the first time an Australian firm has acquired an American savings and loan. Universal Savings, whose headquarters are in Orange, has five branch offices in Orange County and five in the San Gabriel and San Fernando valleys. Its assets total $300 million, making it medium-sized for a California savings and loan.