Word: thrifts
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...that was only part of the bad news that has been jolting F.C.A. The company, which is the parent of American Savings & Loan Association, the largest U.S. thrift institution, may be facing liquidity problems. Last month institutional investors, worried by the company's lower earnings and regulatory problems, withdrew $1.4 billion in deposits, forcing F.C.A. to borrow emergency funds from the Federal Home Loan Bank in San Francisco. Coming just three weeks after the $4.5 billion federal bailout of Chicago's Continental Illinois Bank, the troubles at F.C.A. were particularly unsettling to financial circles. After Knapp...
F.C.A. has sailed into rough waters almost as suddenly as it rose to prominence. Starting with a small California thrift with assets of $390 million, Knapp, 49, built up the financial institution to its present size in less than ten years. Last year the Los Angeles-based corporation gobbled up California's First Charter Financial, doubling its assets in one stroke. At the end of 1983 F.C.A. proudly boasted a 600% increase in earnings, to $172.5 million, or $5.13 per share...
...younger customers are going in for heavy costuming, theatrical makeup and thrift-shop freak, their elders seem to be in the mood to dress rich. "The sense of community and liberalism that blue jeans symbolized is no longer in fashion," observes Novelist Alison Lurie, author of a deft study of fashion, The Language of Clothes. "In the blue jeans and T shirt costume, you couldn't tell a millionaire from an auto mechanic. Jeans identified you with an entire generation, not a particular group, race, nationality or sex. But the rich don't want to blend in with...
...precious-metal coins have been slow movers. Officials at the Mint blame that mainly on weak marketing, and will try to boost sales next month by offering the coins through banks and thrift institutions...
...need to offer rates of 8% or more on a large portion of their savings accounts. That is one reason why 45 banks-a post-Depression record-have failed this year. Hit hardest in the turmoil are savings banks and savings and loan associations. The number of these thrift institutions has dwindled from about 4,500 to 3,600 since 1980. The strongest survivors, like Buffalo-based Goldome, are rapidly expanding by absorbing their weaker competitors...