Great American Posts Loss for ’91

Great American Federal Savings Bank ended the year with two profitable quarters in the hands of government liquidators by showed a net loss of $76.4 million for 1991.

Great American earned $23.1 million for the three months ending Dec. 31, according to a financial report to the Office of Thrift Supervision, the primary regulator for savings and loans. The profit came largely because federal regulators sold almost $28 million in bank assets, said bank spokesman Brian Luscomb.

Despite earnings totaling $40.7 million in the third and fourth quarters, Great American could not overcome total losses of $117 million in the first two quarters.

Great American lost $173 million in 1990. It was taken over by federal regulators in August, 1991.

Great American Federal has headquarters in San Diego and 81 offices in Arizona, Washington and Colorado. It sold its California branches to Wells Fargo Bank.

The federal Resolution Trust Corp. has prepared the remaining branches for sale, but is awaiting OTS approval to begin soliciting bids, Luscomb said.

Great American’s two profitable quarters and reduced assets will have no impact on the eventual sale of its remaining offices, said RTC spokesman Kevin Shields,

At the end of last year, Great American had $5.4 billion in total assets, or about half the size of the thrift at the end of 1990, when it had $10.5 billion in total assets.