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Santa Barbara Savings’ parent firm said it...

Santa Barbara Savings’ parent firm said it expects to lose about $7 million in 1988 as part of widespread changes that include job cutbacks, additions to reserves and cuts in management salaries of 5% to 10%. “It is painful in the near term, but we’re confident these steps will have a positive impact on long-term profitability and growth,” said Philip R. Brinkerhoff, chief executive of Financial Corp. of Santa Barbara. The financial institution, among the state’s 20 largest thrifts, said it will reduce its work force by up to 10%, partially through attrition, and add $7 million to loan-loss reserves.


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