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June 17, 1987 | WARREN VIETH, Times Staff Writer
In a precedent-setting action, state officials Tuesday seized control of Universal Savings Bank, based in Orange, to prevent its debt-laden Australian owners from diverting funds overseas. William Crawford, commissioner of the California Department of Savings and Loan, appointed William Davis, his chief deputy commissioner, to serve as conservator of the savings and loan firm while the state investigates a potential cash diversion.
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BUSINESS
July 11, 1987 | JAMES S. GRANELLI, Times Staff Writer
The FBI said Friday that it is investigating claims of bank fraud and embezzlement at Universal Savings Bank, the Orange-based institution that was the taken over by the state last month but returned to the control of its Australian owner Wednesday by court order. FBI spokesman Jim Neilson would not disclose what triggered the investigation or who the targets of the probe are but said that the investigation began about a month ago.
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BUSINESS
July 11, 1987 | JAMES S. GRANELLI, Times Staff Writer
The FBI said Friday that it is investigating claims of bank fraud and embezzlement at Universal Savings Bank, the Orange-based institution that was the taken over by the state last month but returned to the control of its Australian owner Wednesday by court order. FBI spokesman Jim Neilson would not disclose what triggered the investigation or who the targets of the probe are but said that the investigation began about a month ago.
BUSINESS
June 18, 1987 | WARREN VIETH, Times Staff Writer
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.
BUSINESS
June 18, 1987 | WARREN VIETH, Times Staff Writer
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.
BUSINESS
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.
BUSINESS
January 15, 1988 | James S. Granelli, Times Staff Writer
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.
BUSINESS
January 1, 1987 | TOM FURLONG, Times Staff Writer
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.
BUSINESS
June 17, 1987 | WARREN VIETH, Times Staff Writer
In a precedent-setting action, state officials Tuesday seized control of Universal Savings Bank, based in Orange, to prevent its debt-laden Australian owners from diverting funds overseas. William Crawford, commissioner of the California Department of Savings and Loan, appointed William Davis, his chief deputy commissioner, to serve as conservator of the savings and loan firm while the state investigates a potential cash diversion.
BUSINESS
July 18, 1990 | James S. Granelli, Times staff writer
Taiwanese businessman J.S. Chang is expected to get the go-ahead from federal savings and loan regulators in the next week or two to purchase Universal Savings Bank in Orange for $13.1 million to $13.6 million, his lawyer said Tuesday. The deal is a rarity among today's news about regulators selling off failed S&Ls: This one involves a healthy institution. "I can't think of any other healthy thrifts in California that were sold this year," said Chang's lawyer, Keith T. Holmes of Los Angeles.
BUSINESS
July 16, 1987 | JANE APPLEGATE, Times Staff Writer
For the second time this week, a federal judge has refused to grant a temporary restraining order in the battle between federal regulators and Universal Savings Bank in Orange. In court documents filed Wednesday, attorneys for the Federal Home Loan Bank Board insisted that Universal's chairman and others were "intentionally thumbing their noses" at the bank board because Universal has stripped two dissident directors of power while awaiting bank board approval to fire them. U.S.
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