Jan. 11 -- Financial Corp. of America, parent company of State Savings, strikes deal to merge with First Charter, which owns American Savings & Loan, in a deal valued at $734 million.
May 2 -- Under SEC pressure, FCA restates and reduces 1981 earnings by 26%.
Aug. 4 -- Regulators approve merger. New company keeps FCA and American Savings names. Charles W. Knapp is chief executive.
May 11-- FCA unveils plan to buy back 25% of its common stock.
June 22 -- Knapp cancels stock buyback, indicating he has serious problems with federal thrift regulators. There is "continued concern about the viability" of American Savings, one regulator says.
Aug. 14 -- Faced with mounting deposit losses, American Savings borrows $500 million from Federal Home Loan Bank of San Francisco.
Aug. 15 -- FCA announces $107-million second-quarter loss due to earnings restatement mandated by SEC.
Aug. 18 -- Regulators considering ousting Knapp as chief executive.
Aug. 20 -- FCA steps up borrowings to fend off worsening deposit run.
Aug. 22 -- Knapp relinquishes daily control of company.
Aug. 28 -- Knapp is forced to resign as chairman and chief executive and is replaced by William J. Popejoy.
Aug. 29 -- Popejoy vows to end rapid growth and heavy reliance on fixed-rate lending.
Sept. 4 -- J. Foster Fleutsch, Knapp's No. 2 man, resigns.
Sept. 21 -- FCA stems huge deposit outflows. "Confidence appears to have been restored," Popejoy says. "Our problems are behind us."
Sept. 18 -- It is disclosed that Knapp received $2-million severance pay when he quit.
Sept. 18 -- FCA drops Arthur Andersen & Co. as outside auditor.
Oct. 11 -- FCA will lay off 1,500 people in cost-cutting move.
Oct. 25 -- FCA lost $6.8 billion in deposits in third quarter. "We've been through hell and we're out of it," Popejoy says.
Nov. 15 -- Knapp forms his own investment banking firm in Los Angeles.
Nov. 29 -- FCA sues Knapp to recover $2-million severance.
Jan. 30 -- Popejoy estimates FCA will lose more than $100 million in fourth quarter, adding "the good news is the bad news should be behind us soon."
March 8 -- FCA sharply revises loss estimate, saying it might post annual loss of $700 million.
March 28 -- Knapp makes offer to buy FCA problem loans valued at more than $1 billion.
April 1 -- FCA loses $512 million in fourth quarter, bringing annual loss to $591 million, an S&L; industry record.
April 9 -- Company rejects Knapp's bid to buy troubled loans.
May 14 -- Popejoy says FCA is going to start growing again.
May 16 -- American Savings discloses that it lost $1 billion in deposits in April.
Jan. 30 -- 1985 earnings are $53.3 million.
April 29 -- Company sues Arthur Andersen & Co., alleging negligence.
April 30 -- Problem loans reach nearly $2 billion.
March 20 -- Bank board hires investment firm of Salomon Bros. to find buyer for FCA.
April 21 -- FCA hires own merger consulting firm, Kaplan, Smith & Associates.
June 12 -- Ford Motor, through First Nationwide Bank subsidiary, emerges as a buyer for FCA.
July 23 -- FCA reports $177-million second-quarter loss.
Sept. 21 -- SEC accuses FCA of wide range of accounting and lending abuses from 1980 to 1986.
Oct. 20 -- FCA posts $75.8-million third-quarter loss.
Nov. 6 -- Citicorp enters bidding for FCA.
Nov. 18 -- Citicorp drops out.
Jan. 8 -- Bank board suspends sale talks with Ford.
Jan. 21 -- FCA net worth wiped out by $225-million fourth-quarter loss. Red ink for 1987: $468 million.
Jan. 27 -- FCA requests $1.5-billion bailout from FSLIC for American Savings.
Feb. 4 -- Rep. Fernand J. St Germain (D-R.I.) begins probe into regulatory handling of FCA.
Feb. 7 -- Regulators confirm that they might break up American Savings and sell it in pieces.
Feb. 10 -- Bank board member Roger Martin meets in Los Angeles with thrift executives who want to buy chunks of American Savings.
Feb. 12 -- Martin shelves American Savings' breakup idea for "tax reasons."
March 18 -- Regulators insure all deposits at American Savings, even those over $100,000.
April 21 -- Regulators confirm that they have signed an exclusive pact to negotiate sale of American Savings to Texas billionaire Robert M. Bass. Renewed talks with Ford broken off.
May 4 -- FCA posts $63.2-million first-quarter loss.
May 24 -- Popejoy bombs with shareholders at the annual meeting because FCA has no more net worth. "How could that happen?," one shareholder asked.
June 28 -- Regulators give the Bass investors another 3 1/2 weeks, until Aug. 1, to complete the purchase of American Savings.
July 15 -- American Savings' savings base continues to erode. Company officials confirm the financial institution lost nearly 8% of its deposits in first six months of 1988.
Aug. 5 -- FCA reports a second-quarter loss of $160-million on top of its first-quarter loss of $63.2 million.
Aug. 15 -- American Savings says it lost another $337 million in deposits in July.
Sept. 1 -- Deadline comes and goes for completing a sale to the Bass Group. The negotiations are extended.
Sept. 5 -- After a weekend of negotiations, an agreement is reached to sell American Savings to the Bass Group.