Alex Spanos to Buy Radisson?
San Diego Chargers owner Alex Spanos is reportedly interested in buying the posh, 13-story, 264-room Radisson Hotel in Mission Valley, according to hotel industry sources.
Hotel officials are mum on the subject, but industry sources believe the bid could range from $28 million to $32 million.
The hotel’s parent company has been in Chapter 11 reorganization bankruptcy since summer, following foreclosure attempts by the Federal Savings & Loan Insurance Corp. to collect on delinquent loans made by failed San Marino Savings & Loan.
Spanos could not be reached for comment.
Fordem for Hire
When former San Diego County Supervisor Paul Fordem signed on as vice president of business development and public relations with Grossmont Bank one year ago, he figured that even the competitive banking industry would provide a relief from the pressures of government.
But it didn’t work out that way.
Without fanfare, Fordem resigned in August, he confirmed Monday. “It just wasn’t my cup of tea,” he said. “There were no hurt feelings and it’s no big deal. I’m not in public life anymore--I’m John Q. Citizen and that’s kind of nice.”
But retirement isn’t in the cards, Fordem said. “I’ll be looking for something to do even if I were in the financial position to retire. I couldn’t handle (retirement) mentally.”
First Western Calm?
Will the confusion and secrecy end at troubled First Western Bank in Pacific Beach? Perhaps. At least the company’s new president, Robert Bell, who started Monday, is returning reporters’ calls, and that may be a start.
Bell’s up-beat perspective: “I can’t talk about what happened prior to my coming here. I’m here now and I think this could be a successful bank. I’m anticipating the net worth to go up.”
The bank’s net worth is about $770,000, on assets of $8.4 million. However, the net worth reflects $800,000 in proceeds from a public stock offering completed in December. The 2 1/2-year-old bank has been operating under a regulatory cease-and-desist order calling for a net worth-to-assets ratio of 7% since August, 1984. The bank’s net worth ratio now is about 9.2%.
Bell is the third man to hold the presidency in the past few weeks. Joe Hildreth left abruptly last month, and his interim replacement, John Riedel, is, without explanation, now no longer employed by the bank.
Bell hails from Harbor Bank in Long Beach, where he was senior vice president and president of the bank’s mortgage operations.
He was ready to retire last spring when the bank took over failed South Coast Bank. Bell was in charge of that takeover.
He was prepared to retire again--he was recently on a consulting contract with Harbor Bank--when the First Western job opened.
“I came down, looked it over and talked to the board,” he said. “I think there’s something here; otherwise, I’d still be playing golf.”
Maybe, maybe not. Bell acknowledged that he overdosed a tad on the links. “You ever tried to play golf eight straight days? Don’t, I tried.”
Central Shuffles
Officials of Central Savings & Loan Assn. are downplaying last month’s layoffs of 14 full-time staff members and about a dozen temporaries who were “helping straighten out the files.”
The cutbacks, according to officials, are part of a “natural budgetary action.”
Central lost $9.7 million in the third quarter ended Sept. 30, bringing its net worth to $5.4 million, or only 2.3% of its $2.3 billion in assets.
