Imperial Savings: The San Diego-based savings and...
From Times Staff and Wire Reports
Imperial Savings: The San Diego-based savings and loan that was seized by federal regulators Feb. 23 said Wednesday that it realized a $159-million loss for the fourth quarter ended Dec. 31. The loss brought the S&L;’s total loss for 1989 to $299 million, spokesman Kenneth Ulrich said, believed to be the largest single-year loss ever registered by a San Diego financial institution. It also left Imperial with a negative capital balance of $23 million as of Dec. 31. The 80-branch thrift is being operated by Resolution Trust Corp., the federal agency created to dispose of failed banks and thrifts. Imperial Savings’ parent, Imperial Corp. of America, filed for protection under Chapter 11 of the federal bankruptcy code Feb. 28.
