BANKING & FINANCE - April 7, 1992
From Times Staff and Wire Reports
First American Posts Huge Loss: First American Bankshares Inc., weakened by its connection with an outlaw foreign bank and losses from bad real estate loans, has announced its biggest-ever annual loss--$358.3 million in 1991. First American, the largest bank holding company in the Washington area, has been operating under close supervision of the Federal Reserve since fall. First American was secretly owned by the Bank of Credit and Commerce International, which pleaded guilty to federal racketeering charges this year.
