Word: thrifting
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That kind of talk, coming in this case from Melissa Keleher, vice president of Home Federal Savings & Loan Association in San Diego (assets: $6 million), has not been heard much around the thrift industry during the past three years. Caught in a squeeze between high interest rates and longterm, fixed-interest mortgages, thrift institutions became candidates for the endangered-species list. The number of thrifts has shrunk nearly 20% since 1979, as failing institutions have been merged into stronger ones (see chart). As a whole, the thrifts lost $8.9 billion in 1981 and 1982. Says James Carter, a banking analyst...
...back in private life, Carter seems to have acquired a taste for the finer things. He asked the Government to buy a $15,000 wool carpet and two chandeliers costing $3,500 for his federally funded office in Atlanta. Even the General Services Administration, not known for its thrift in dealing with ex-Chief Executives, balked. So Carter managed to buy the rug below list price for $12,600, and is making do with chandeliers worth only...
...investments will have a large competitive plus but also several minuses. On the positive side, the accounts will be federally insured for up to $100,000. Money-market mutual funds, by contrast, carry no federal insurance. But bank and thrift customers will have to keep at least $2,500 in their high-yield deposits to avoid a penalty, while the funds typically require no more than $1,000. Savers also will be allowed to draw just three checks a month on the new accounts. Most money funds offer unlimited checking privileges...
...troubled Fidelity Savings & Loan Association of San Francisco. If upheld by the Federal Reserve Board, as expected, the takeover would mark the first time feder al regulators have allowed a bank holding company to cross both state and industry lines to buy a thrift operation. This would be a major breach in the rapidly falling wall that now blocks interstate banking...
Citicorp's attempt to gain a foothold on Bank America's turf dates back to early 1980, when a tentative deal to buy Fidelity for $200 million fell through because of opposition from federal and state regulators. After the failing thrift was seized last April 13 by the Federal Savings and Loan Insurance Corp., however, it was rechartered as a federal mutual association when the Government had a more favor able attitude toward interstate takeovers...