PacificAmerica Money Center’s CFO Resigns
<i> A Times Staff Writer</i>
PacificAmerica Money Center Inc., a Woodland Hills-based subprime lender, said its chief financial officer, Charles Siegel, has resigned. The company’s troubled subsidiary, Pacific Thrift & Loan, had been forced by regulators in January to curtail its lending and was ordered to boost its capital levels to 10%. The company said it has been required by the Federal Deposit Insurance Corp. to raise additional capital by June 30 but hadn’t met the goal as of Monday. PacificAmerica also said it is unable to repay certain existing debt owed to Merrill Lynch. In October, Fremont General Corp. called off its plans to buy PacificAmerica, citing turmoil in the subprime lending market.
