P.M. BRIEFING : Valley Fed. Profit Dips to $178,000
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Valley Federal Savings & Loan continued its financial slide in the first quarter with profits of $178,000, compared with $1.4 million the same time last year, the Van Nuys-based thrift said.
Valley Acceptance, the S&L;’s loss-ridden subsidiary that provides mobile home loans, lost $3.8 million in the first quarter, the company reported Monday.
Valley Federal lost $3 million in 1988.
Jack Allewaert, chief operating officer, told shareholders at their meeting last week that the thrift is being hurt by the recent rise in interest rates.
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