Word: thrifts
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Dates: during 1980-1989
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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...
...thanks to lower interest rates and a flood of new deposits, the thrift industry is beginning to revive. San Diego's Home Federal, for example, lost $33.9 million in 1982, but it had a $4.4 million profit in the first quarter, and the outlook for the rest of the year is good...
...financial supermarkets, meanwhile, have been eyeing thrifts as possible additions to their growing line of services. Merrill Lynch and Shearson/ American Express are each in the process of buying a thrift. Stockholders of Newport Balboa Savings Association (assets: $65.2 million) in Southern California are selling the S and L to ITT Financial Corp. for $13.5 million, or $65 a share. The deal, which is subject to regulatory approval, would be a bonanza for Newport Balboa owners, who paid $12.50 a share when the stock was first issued...
With their financial foundation a little more secure, some adventurous S and Ls are starting to branch out beyond mortgages and look for new places to put their money. Western Savings & Loan of Phoenix (assets: $2.6 billion), Arizona's largest thrift, has assembled a nationwide group of S and Ls that plans to pool its cash and pump more than $1.5 billion into commercial loans to corporate borrowers. Such lending is permitted under the 1982 Depository Institutions Act, which lets thrifts make a wide range of loans that had previously been off-limits...
...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...