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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.
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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.
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BUSINESS
June 20, 1992 | From Times Staff and Wire Reports
Orange County Thrift Seized: First Newport Bank, which recently changed its name from University Savings Bank, became the state's third thrift failure this year as regulators declared the tiny savings and loan insolvent and seized it. The Office of Thrift Supervision said the Newport Beach institution had no prospect of replenishing its capital, which was wiped out from losses on commercial, construction and other non-residential loans made by "inadequate former management."
BUSINESS
June 20, 1992 | From Times Staff and Wire Reports
Orange County Thrift Seized: First Newport Bank, which recently changed its name from University Savings Bank, became the state's third thrift failure this year as regulators declared the tiny savings and loan insolvent and seized it. The Office of Thrift Supervision said the Newport Beach institution had no prospect of replenishing its capital, which was wiped out from losses on commercial, construction and other non-residential loans made by "inadequate former management."
BUSINESS
October 11, 1989 | James S. Granelli, Times staff writer
University Savings Bank figures it may find its niche by jumping into a risky but potentially lucrative business that many savings and loans are leaving. The small S&L, which moved its headquarters to Newport Beach from Fresno early this year, has tentatively agreed to purchase a 75% stake in a shell company that would invest directly in residential and commercial real estate projects, mostly with partners. A University subsidiary, Unicap Inc.
BUSINESS
March 4, 1992 | James S. Granelli / Times staff writer
Founded in Fresno six years ago, University Savings Bank opened an office in Newport Beach in 1989 and developed an identity crisis of sorts. The savings and loan found its interests split between Orange County and Fresno, where its majority shareholder and its top executive held court. Its headquarters seemed to move between the two locations. Now, with that top executive gone, it has defined its market: Newport Beach.
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 4, 1992 | James S. Granelli / Times staff writer
Founded in Fresno six years ago, University Savings Bank opened an office in Newport Beach in 1989 and developed an identity crisis of sorts. The savings and loan found its interests split between Orange County and Fresno, where its majority shareholder and its top executive held court. Its headquarters seemed to move between the two locations. Now, with that top executive gone, it has defined its market: Newport Beach.
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
October 11, 1989 | James S. Granelli, Times staff writer
University Savings Bank figures it may find its niche by jumping into a risky but potentially lucrative business that many savings and loans are leaving. The small S&L, which moved its headquarters to Newport Beach from Fresno early this year, has tentatively agreed to purchase a 75% stake in a shell company that would invest directly in residential and commercial real estate projects, mostly with partners. A University subsidiary, Unicap Inc.
BUSINESS
November 15, 1994
Glendale Federal Bank said the federal Office of the Comptroller of the Currency has approved the applications of a Florida-based bank holding company to purchase 34 of Glendale Federal's Florida branches. The approval represents the final regulatory decision required to complete the previously announced sale to Barnett Banks Inc. of Glendale Federal's 60 Florida branches, which hold $3.5 billion in deposits. The sales price is $244 million. The transaction is expected to close by Dec.
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