Word: thrifting
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...Currency Conover gave the movement a boost this month by approving permits for 83 so-called nonbank banks. These are institutions that can take deposits and provide all other financial services except making commercial loans. Banks have also tried to boost their share of the mortgage market by acquiring thrift institutions, the traditional source of home loans. Last January Citicorp, for example, bought Chicago's troubled First Federal Savings & Loan ($4 billion) and Miami's New Biscayne Federal Savings ($1.9 billion...
...Thrift and Orgonomists...
When Charles Knapp bailed out last month as chairman of struggling Financial Corp. of America, a soft landing seemed likely. Last week it was learned that Knapp, whose high-risk growth strategy for the California-based savings and loan left the thrift holding too many unprofitable fixed-rate loans, had managed to secure a golden parachute from Financial Corp.'s board of directors in the form of a severance payment worth $2 million...
...whose passion for vintage planes and daredevil business tactics earned him the nickname Red Baron, bailed out last week as chairman of California's troubled Financial Corp. of 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...
Knapp's successor will be William Popejoy, 46, a longtime industry executive who was president of American Savings before F.C.A. bought the thrift in 1983. Popejoy will have no time to ease into his new job. F.C.A. reported on Aug. 15 that it has certificates of deposit worth about $15 billion that mature by the end of September. Popejoy must quickly convince investors not to pull out all that money...