Word: ls
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Dates: during 1980-1989
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That was the reassurance depositors needed. When a handful of the 69 closed S and Ls reopened late last week, no new runs started. Generally, customers came in only to get walking-around money. At the Savings One Association in Dresden, a longtime customer deposited $15,000 as a show of support. Said Helen Mershon, a teller at the Southern Ohio Savings Association in St. Bernard: "Some of our customers just came in to say hello...
...from the Federal Savings and Loan Insurance Corporation, the thrift-industry counterpart to the FDIC, were in California to liquidate the San Marino Savings and Loan Association, whose failure the previous week threatened to cost the FSLIC $193 million, a record loss. So far this year, nine S and Ls have failed, and an additional 17 have been merged with stronger competitors. FDIC Chairman William M. Isaac, who has told the White House that he would like to leave office early next year, warns that if interest rates head back up and the economy weakens, next year could be just...
...America (assets: $32.7 billion). The company is the parent of American Savings and Loan Association, the nation's largest thrift institution. Knapp says that he resigned voluntarily, but many industry observers believe he was pressured to leave by the Federal Home Loan Bank Board, which regulates S and Ls. Knapp's biggest mistake was to make too many fixed-rate loans that became unprofitable when interest rates rose in the spring. Partly for that reason, F.C.A. lost $107.5 million in the second quarter. Since July, jittery large investors have withdrawn more than $1 billion from F.C.A...
...certificates of deposit comes due. If all that money is not reinvested, the company may find itself in serious trouble. Said a senior Treasury Department official last week: "We're watching it very, very closely. We're deeply concerned." F.C.A. is not alone among S & Ls in a bind. Since the beginning of the year, Government regulators have forced nine failing S & Ls to merge with larger institutions...
...pilot who likes to restore vintage aircraft in his spare time, Knapp enjoyed being known as the Red Baron of the S & L industry. His biggest mistake was to gamble heavily that interest rates would fall. While other S & Ls hedged their bets by offering homeowners variable-rate mortgages, Knapp aggressively marketed fixed-rate mortgages at about 12.5% in the expectation of making big profits when interest rates fell. Instead, they rose slightly in the second quarter, putting the squeeze on F.C.A. To make matters worse, Knapp had permitted large institutional investments, many of which have deposits that exceed...