Word: wellman
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...savings-and-loan business, no one rivals Charles A. Wellman of Los Angeles as a surgeon for sick companies. In the past three years, he has substantially cured five firms that were suffering from serious financial maladies. Last spring, Wellman succeeded the ousted Bart Lytton as president and chief executive officer of California's Lytton Financial Corp., a huge but ailing holding company with total assets of $682 million. Now Wellman is involved in conducting his most intricate operation yet, which, if successful, will transform three weak S&Ls into one thriving $1 billion enterprise...
...Equitable of Long Branch (assets: $318 million) and Mission of Santa Ana (assets: $39 million). The mammoth merger was approved by the Federal Home Loan Bank Board two weeks ago, but financial men are more fascinated by the audacity of the move than by its size. Says one competitor: "Wellman is converting three alley cats into a pedigreed lion...
Tempting Bait. Equitable, also headed by Wellman, and Mission need more capital, but neither is large enough to raise it easily. Thus they can use the aid of the Lytton holding company, which, thanks to its listing on the New York Stock Exchange, has readier access to Wall Street money. Even so, Wellman had to offer investors some tempting bait. They will pay substantially less than the current market price for the Lytton stock, which closed last week at $11.50 a share...
...Charlie Wellman, 53, entered the S&L field after graduating from the University of Southern California law school in 1940. He learned the business at Coast Federal Savings, an aggressive competitor for consumers' savings, and made his mark by helping Glendale Federal S&L grow from a $23 million midget to a $450 million leader in its industry. He quit as president of Glendale Federal in 1962 over policy disputes with the association's founder-chairman, but within hours was hired as president of Los Angeles' First Charter Financial Corp., now the nation's largest publicly...
...Tycoon Problem. Soon given the added authority of chief executive, Wellman cut expenses and tightened operating procedures until First Charter Financial had developed one of the industry's most economical operations. But he ran into trouble with British-born Centimillionaire S. Mark Taper, the chairman, who had long run the company as a private fief. "My biggest problem has always been dealing with tycoons," Wellman says. "Perhaps it's because at heart I'm one myself." The two strong-willed men clashed over everything from loan policy to salaries for other executives, and Wellman resigned...