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Western Community Moneycenter

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BUSINESS
December 30, 1988 | JANE APPLEGATE, Times Staff Writer
The national accounting firm of Peat Marwick Main & Co. has agreed to pay $9.25 million to settle claims arising from the state's 1984 closure of the Western Community MoneyCenter in Walnut Creek, Calif. Seven months after the state seized control of the insolvent thrift association, the Department of Corporations and MoneyCenter's 12,500 thriftholders sued Peat Marwick for allegedly mishandling the 1982 audit of MoneyCenter.
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BUSINESS
December 30, 1988 | JANE APPLEGATE, Times Staff Writer
The national accounting firm of Peat Marwick Main & Co. has agreed to pay $9.25 million to settle claims arising from the state's 1984 closure of the Western Community MoneyCenter in Walnut Creek, Calif. Seven months after the state seized control of the insolvent thrift association, the Department of Corporations and MoneyCenter's 12,500 thriftholders sued Peat Marwick for allegedly mishandling the 1982 audit of MoneyCenter.
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BUSINESS
February 21, 1985
Lawmakers in Sacramento failed to act on a bill providing for a $63-million state loan to repay 12,500 depositors of the failed Western Community MoneyCenter of Walnut Creek. The bill came up three votes short in the Assembly's Finance and Insurance Committee because of disputes over regulatory changes sought for thrift and loan companies. The MoneyCenter depositors are owed a total of $74 million.
BUSINESS
February 24, 1987
Corporations Commissioner Franklin Tom, 45, will leave his job this Friday as chief regulator of California industrial loan companies to return to private law practice in Los Angeles, the governor's office said Monday. No immediate replacement was announced by Gov. George Deukmejian. Since his appointment in 1983, Tom has overseen the state takeover of such failed companies as Western Community MoneyCenter in Walnut Creek, the fourth-largest industrial loan company among 43 in the state.
BUSINESS
June 14, 1985 | TOM FURLONG, Times Staff Writer
The California Legislature approved a $63-million loan guarantee Thursday to pay off depositors of Western Community MoneyCenter, a Northern California thrift and loan association that failed more than a year ago. The loan guarantee was approved as a joint package of separate bills intended to bail out Western Community's depositors as well as bolster the insurance and supervisory system at all of California's thrifts and loans.
NEWS
March 16, 1985 | TOM FURLONG, Times Staff Writer
In a bold but controversial bid to stem a banking panic, the governor of Ohio temporarily closed 70 privately insured savings and loan associations Friday, after a deposit run hit several savings institutions in the Cincinnati area. After stating that "we need to take forceful action," Gov. Richard F. Celeste told a press conference in Cincinnati that the savings institutions will remain closed until Monday morning. Most would normally have been open Friday and this morning.
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