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BUSINESS
March 22, 1989 | James S. Granelli, Times staff writer
Universal Savings Bank in Orange has realigned part of its management to parcel out the recently vacated job of administering the S&L's seven branches. Harold R. Williams Jr., the institution's chief financial officer, was promoted to chief operating officer. He will add overall branch administration to his duties. Dottie Nagatoshi, a former branch manager, was promoted to vice president for branch administration.
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BUSINESS
December 7, 1994 | James S. Granelli, Times staff writer
Executive Exchange: Several Orange County savings and loans have changed top executives and are rethinking their business strategies. Universal Savings Bank in Orange hired veteran thrift operator Kellogg Chan as its chairman and president. Chan built East-West Federal Bank in Los Angeles from an S&L with $25 million in loans and other assets in 1979 to a regional concern with $1.3 billion in assets by the time he retired in 1992. Universal's owner, Taiwanese businessman J.S.
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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
July 14, 1994 | DAVID W. MYERS, TIMES STAFF WRITER
Glendale Federal Bank took its final step toward becoming a California-only savings and loan Wednesday, announcing that it has agreed to sell the last of its out-of-state banking operations to Los Angeles-based First Interstate Bancorp for $190 million in cash. First Interstate's purchase of Glendale Federal's 25-office University Savings Bank unit in Washington state should be completed by the first quarter of next year, the companies said.
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
December 7, 1994 | James S. Granelli, Times staff writer
Executive Exchange: Several Orange County savings and loans have changed top executives and are rethinking their business strategies. Universal Savings Bank in Orange hired veteran thrift operator Kellogg Chan as its chairman and president. Chan built East-West Federal Bank in Los Angeles from an S&L with $25 million in loans and other assets in 1979 to a regional concern with $1.3 billion in assets by the time he retired in 1992. Universal's owner, Taiwanese businessman J.S.
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
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 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
August 28, 1991 | James S. Granelli / Times staff writer
West Coast thrift regulators exercised their muscle in the last two months, forcing presidents out of two Orange County institutions and wooing another from a third. The regional Office of Thrift Supervision played a part in the changes at Universal Savings Bank in Orange and at University Savings Bank and Pioneer Savings Bank, both in Newport Beach. Pioneer lost Anne Bacon after regulators recommended her for the president's post at troubled First Western Savings in Las Vegas.
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
March 28, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
Universal Savings Bank said Tuesday that it has agreed tentatively to be sold to a Taiwanese shoe manufacturer. The terms of the deal were not disclosed, but sources close to the transaction said it was valued at more than $13 million. Orange-based Universal Savings, which is owned by Unity Holdings Inc., said it has agreed in principle to sell the seven-branch thrift to Chun Chang, founder of the Tai Lung Plastic Industrial Co. Ltd. in Taiwan.
BUSINESS
March 22, 1989 | James S. Granelli, Times staff writer
Universal Savings Bank in Orange has realigned part of its management to parcel out the recently vacated job of administering the S&L's seven branches. Harold R. Williams Jr., the institution's chief financial officer, was promoted to chief operating officer. He will add overall branch administration to his duties. Dottie Nagatoshi, a former branch manager, was promoted to vice president for branch administration.
BUSINESS
July 14, 1987 | JANE APPLEGATE and JAMES S. GRANELLI, Times Staff Writers
A federal judge in Los Angeles refused Monday to lift a government order requiring Universal Savings Bank to reinstate two directors who were suspended from their positions shortly before complaining to regulators about an allegedly improper plan to loan $10 million. The allegations of a scheme to violate savings and loan regulations by making excessive loans to the chairman of the Australian company that owns the Orange-based S&L prompted state officials to seize Universal last month.
BUSINESS
August 28, 1991 | James S. Granelli / Times staff writer
West Coast thrift regulators exercised their muscle in the last two months, forcing presidents out of two Orange County institutions and wooing another from a third. The regional Office of Thrift Supervision played a part in the changes at Universal Savings Bank in Orange and at University Savings Bank and Pioneer Savings Bank, both in Newport Beach. Pioneer lost Anne Bacon after regulators recommended her for the president's post at troubled First Western Savings in Las Vegas.
BUSINESS
March 28, 1990 | GREGORY CROUCH, TIMES STAFF WRITER
Universal Savings Bank said Tuesday that it has agreed tentatively to be sold to a Taiwanese shoe manufacturer. The terms of the deal were not disclosed, but sources close to the transaction said it was valued at more than $13 million. Orange-based Universal Savings, which is owned by Unity Holdings Inc., said it has agreed in principle to sell the seven-branch thrift to Chun Chang, founder of the Tai Lung Plastic Industrial Co. Ltd. in Taiwan.
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
July 9, 1987 | JANE APPLEGATE and JAMES S. GRANELLI, Times Staff Writers
A Los Angeles Superior Court judge Wednesday overturned the state's unprecedented June 16 seizure of a financially sound savings and loan firm in Orange County, a decision representing a major defeat for California's top S&L regulator. Judge Christian E. Markey Jr. ordered the state to return control of Universal Savings Bank in Orange to its suspended chairman and its Australian parent company.
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