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Valley Federal Savings Loan Association

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BUSINESS
February 11, 1992
Valley Federal Savings and Loan Assn., based in Van Nuys, said Monday that the deposits of its retail banking office in Visalia will be acquired by Home Savings of America. The acquisition takes effect March 9. The deposits will be transferred to a Home Savings branch in Visalia. The sale is part of Valley Federal's strategy to consolidate its San Joaquin Valley branches.
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BUSINESS
April 21, 1992 | JAMES F. PELTZ, TIMES STAFF WRITER
It took more than 60 years of slow, methodical growth for Valley Federal Savings & Loan Assn. to amass more than $2 billion in assets and become one of the biggest financial institutions in the San Fernando Valley. Then it took one day to wipe Valley Federal off the face of the earth. The end came April 10 when the federal government arranged for the S & L's sale to American Savings Bank, a thrift based in Stockton and Irvine.
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CALIFORNIA | LOCAL
March 17, 1992 | JOCELYN STEWART
A Palmdale branch of Valley Federal Savings and Loan was robbed Monday morning, Los Angeles County sheriff's deputies reported. A man entered the branch in the 2200 block of East Palmdale Boulevard and asked a teller for change for a $100 bill, Lt. Antonio Madrid said. "He then simulated a handgun and demanded money from the teller," Madrid said. When the teller complied, the man demanded more money from another teller, then fled on foot, Madrid said. He did not reveal how much the robber took.
BUSINESS
April 11, 1992 | JAMES BATES, TIMES STAFF WRITER
American Savings Bank acquired ailing Valley Federal Savings & Loan on Friday in a deal arranged by federal regulators, while BankAmerica Corp. took a major step into the Texas market by buying the failed Sunbelt Federal Savings in Dallas. Separately, federal regulators disclosed that Texas billionaire Robert M. Bass, who owns American Savings, will pump $1 million into Family Savings Bank, a Los Angeles-based thrift that is one of the nation's largest minority-owned institutions.
BUSINESS
April 19, 1990 | JOHN MEDEARIS, TIMES STAFF WRITER
Troubled Valley Federal Savings & Loan said Wednesday that it has put itself up for sale to raise money to meet federal capital requirements. The Van Nuys-based thrift said it has retained the investment banker Shearson Lehman Hutton to find a buyer because of the large capital infusion necessary to meet those requirements.
CALIFORNIA | LOCAL
April 5, 1990 | JANE FRITSCH and RICH CONNELL, TIMES STAFF WRITERS
Amid a series of investigations of his personal finances, Mayor Tom Bradley last year placed the bulk of his holdings in a blind trust and sold off most others, according to a financial interest statement released Wednesday. Bradley announced last April that he planned to eliminate the appearance of potential conflicts of interest by putting his assets in the blind trust. The newly released records indicate that the trust was created last September.
BUSINESS
May 4, 1990 | JOHN MEDEARIS, TIMES STAFF WRITER
Valley Federal Savings & Loan, apparently dodging a federal takeover, said Thursday that thrift regulators approved its plan to bolster its slim capital reserves. While the approval appears to save the Van Nuys-based S&L from the immediate threat of receivership, it does not free Valley Federal from tight operating restrictions imposed in January by the federal Office of Thrift Supervision--restrictions so severe that the S&L cannot even write new home loans.
BUSINESS
April 25, 1991 | JOHN MEDEARIS, TIMES STAFF WRITER
Valley Federal Savings & Loan said Wednesday that it was granted until the end of this year to meet federal capital regulations. The action by the Office of Thrift Supervision put off the possibility of a seizure of the Van Nuys-based thrift, which could have come as soon as July. Valley Federal, which is insolvent but profitable, now plans to close or sell about half of its 32 branches and will strive to remain profitable to meet terms of a new capital-boosting plan approved by the OTS.
BUSINESS
November 8, 1991 | From Times Staff and Wire Reports
Valley Fed Up for Auction: The troubled Valley Federal Savings & Loan Assn. said the federal Office of Thrift Supervision has begun efforts to find a buyer for the troubled Van Nuys thrift. The government action, called an accelerated resolution program, is one step short of seizing the S&L, which has been operating below government-required capital levels since late 1989. Current management will stay on and deposits will not be affected while the government looks for a buyer. As of Sept.
BUSINESS
April 8, 1992 | JAMES BATES, TIMES STAFF WRITER
American Savings Bank is expected to acquire ailing Valley Federal Savings & Loan as early as this week, sources close to the deal said Tuesday. Details of the transaction are still being worked out, but sources said American will assume both Valley Federal's insured and uninsured deposits and take over the thrift's 22 branch offices.
CALIFORNIA | LOCAL
March 17, 1992 | JOCELYN STEWART
A Palmdale branch of Valley Federal Savings and Loan was robbed Monday morning, Los Angeles County sheriff's deputies reported. A man entered the branch in the 2200 block of East Palmdale Boulevard and asked a teller for change for a $100 bill, Lt. Antonio Madrid said. "He then simulated a handgun and demanded money from the teller," Madrid said. When the teller complied, the man demanded more money from another teller, then fled on foot, Madrid said. He did not reveal how much the robber took.
BUSINESS
February 11, 1992
Valley Federal Savings and Loan Assn., based in Van Nuys, said Monday that the deposits of its retail banking office in Visalia will be acquired by Home Savings of America. The acquisition takes effect March 9. The deposits will be transferred to a Home Savings branch in Visalia. The sale is part of Valley Federal's strategy to consolidate its San Joaquin Valley branches.
BUSINESS
December 3, 1991 | PHILIPP GOLLNER, TIMES STAFF WRITER
Major banks and savings and loans in the San Fernando Valley and Ventura County areas turned in a dismal performance for the third quarter, with all but one posting losses or lower earnings as problem loans and real-estate woes continued to take their toll. Three of the region's nine largest financial institutions lost money during the quarter, contrasted with profits a year earlier, and five had lower earnings than in the third quarter last year.
BUSINESS
November 19, 1991
Valley Federal Savings & Loan Assn., the troubled Van Nuys-based thrift that was recently put up for auction by federal banking regulators, said its third-quarter earnings plunged 80% to $1.1 million from $5.5 million a year earlier. For the nine months that ended Sept. 30, Valley Federal's earnings dropped 61% to $8.3 million from $21.5 million during the same period last year. The thrift's assets as of Sept. 30 stood at $2.3 million, a decline of 15% from $2.7 million a year earlier.
BUSINESS
November 12, 1991 | PHILIPP GOLLNER, TIMES STAFF WRITER
The federal government's decision last week to find a buyer for troubled Valley Federal Savings & Loan Assn. came as a blow to chief executive Scott A. Braly, who has fought for two years to keep banking regulators at bay while putting in place a sweeping survival plan.
BUSINESS
November 12, 1991 | PHILIPP GOLLNER, TIMES STAFF WRITER
The federal government's decision last week to find a buyer for troubled Valley Federal Savings & Loan Assn. came as a blow to chief executive Scott A. Braly, who has fought for two years to keep banking regulators at bay while putting in place a sweeping survival plan.
BUSINESS
November 8, 1991 | From Times Staff and Wire Reports
Valley Fed Up for Auction: The troubled Valley Federal Savings & Loan Assn. said the federal Office of Thrift Supervision has begun efforts to find a buyer for the troubled Van Nuys thrift. The government action, called an accelerated resolution program, is one step short of seizing the S&L, which has been operating below government-required capital levels since late 1989. Current management will stay on and deposits will not be affected while the government looks for a buyer. As of Sept.
CALIFORNIA | LOCAL
October 13, 1991 | RICH CONNELL, TIMES STAFF WRITER
During the last three years, scandals swirling around Mayor Tom Bradley's Administration have exposed fundamental weaknesses in a local political system once touted as a model of clean government, according to ethics experts, political scientists and elected officials. "It was mythology . . . sold to generations of Angelenos," said Eric Shockman of USC's Unruh Institute of Politics. "We are not 'the city on the hill.'
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