187:, acquired American Savings in December 1988 in a controversial deal with the federal government. They invested $ 500 million total over three years, and the federal governments contributed $ 1.7 billion. The thrift was then renamed American Savings Bank, F.A. The thrift purchased deposits and branches of Columbia Savings and Loan in 1991, Far West Savings and Loan in 1992, Valley Federal S&L in 1992, and Encino Savings Bank in 1994. In 1996, American Savings Bank was purchased by
609:
1212:
1188:
1200:
179:
A $ 468 million loss in 1987 left the thrift technically insolvent. American
Savings was placed in receivership in September 1988. FCA filed for chapter 11 bankruptcy the next day. (In February 1989, it was changed to a chapter 7 liquidation.) The thrift was split into a good bank and bad bank,
171:
of nearly $ 7 billion on its deposits after posting a $ 1.1 billion loss on bad investments and real estate loans. Chairman
Charles W. Knapp and president J. Foster Fluetsch were forced out of the thrift by regulators in August 1984 and Bill Popejoy took over as chairman. However, the condition of
238:"New Figures Rank Collapse of American S&L; as Costliest Ever : Banking: Regulators now say it will cost taxpayers $ 5.4 billion. Bass reportedly plans to sell successor American Savings"
431:"Valley Federal Reported Close to Being Sold : Thrifts: Sources say American Savings Bank could take over the ailing S&L;'s deposits and 22 branch offices as early as this week"
341:"THE SALE OF AMERICAN SAVINGS : Chronology of a Troubled Thrift : More Than Five Years After FCA and American Savings Met, They Drift Apart, Battle-Scared and Suffering Loses"
159:
based
Financial Corporation of America (FCA). The thrift experienced rapid growth in the 1970s and early 1980s. In 1983, it acquired First Charter Financial Corporation in
198:
Charles Knapp was convicted in 1993 of fraud, although it was not related to
American Savings. His company, Trafalgar Holdings Ltd., obtained a $ 15 million loan from
456:"Knapp Gets 6 1/2 Years for S&L; Fraud : Thrifts: The once high-flying chief of American Savings is also ordered to pay $ 11 million in restitution"
1248:
1243:
180:
with New West
Federal Savings bank as the bad bank. At the time it had $ 30 billion in assets and was one of the largest thrifts in the United States.
539:
1153:
977:
862:
399:
1068:
927:
1253:
967:
897:
512:
500:
488:
366:
572:
163:
for $ 700 million. First
Charter was the parent company of American Savings & Loan, and was controlled by real estate developer
1238:
922:
1063:
1027:
849:
494:"Inside Job: The Looting of America's Savings and Loans" by Stephen Pizzo, Mary Fricker and Paul Muolo. Harper Collins. 1991.
1158:
907:
588:
532:
28:
1113:
1128:
1118:
763:
173:
1204:
942:
790:
283:
1211:
1022:
972:
199:
167:. State Savings changed its name to American Savings after the acquisition. In 1984, the thrift suffered a
1192:
1138:
1123:
700:
525:
144:
1093:
1002:
987:
188:
143:. In 1988 it was the largest thrift failure and the federal government's costliest resolution during the
315:
237:
1133:
1108:
1098:
1017:
1007:
962:
715:
680:
505:
455:
340:
430:
1103:
937:
932:
872:
867:
690:
638:
192:
155:
The thrift was founded in 1922 as State
Savings & Loan Association in Stockton. It was owned by
140:
97:
57:
1012:
745:
598:
1173:
1078:
982:
912:
902:
826:
777:
156:
38:
608:
1168:
1032:
952:
710:
695:
593:
508:
496:
484:
406:
374:
291:
493:
268:
831:
755:
740:
735:
675:
577:
506:
Lowy, Martin. "High
Rollers: Inside the Savings and Loan Debacle." Praeger Publishers. 1991.
203:
136:
1073:
1053:
1048:
957:
947:
1058:
917:
818:
750:
730:
720:
685:
548:
483:
Robinson, Michael A. "Overdrawn: The
Bailout of American Savings". Dutton Books. 1990.
1216:
1232:
1148:
892:
882:
813:
705:
649:
103:
61:
1163:
1143:
1083:
877:
670:
86:
1088:
992:
805:
800:
654:
632:
562:
184:
160:
887:
795:
725:
567:
164:
410:
378:
295:
997:
124:
191:
for $ 1.2 billion. Washington Mutual failed in 2008 and was acquired by
168:
172:
the thrift continued to deteriorate. The thrift had large holdings of
176:. which were subject to price volatility as interest rates changed.
517:
206:, using fraudulent financial information. He was sentenced to
521:
400:"2 SAVINGS BAILOUTS COSTING $ 7 BILLION CONFIRMED BY U.S."
183:
The Robert M. Bass Group, Inc. of Fort Worth, headed by
316:"Despite Ongoing Woes, FCA's Chief Is Firmly in Charge"
1041:
840:
776:
663:
625:
616:
555:
367:"California Savings Rescue Begun by Federal Agency"
120:
110:
92:
82:
67:
44:
34:
24:
16:Defunct savings and loan association in California
533:
8:
19:
1149:Indiana Michigan Power Center (Fort Wayne)
622:
540:
526:
518:
18:
1154:JPMorgan Chase Building (San Francisco)
229:
147:at an estimated cost of $ 5.4 billion.
978:National Bank of Commerce in New York
262:
260:
258:
133:American Savings and Loan Association
20:American Savings and Loan Association
7:
1199:
1069:270 Park Avenue (2021–present)
863:Banca Commerciale Italiana Trust Co.
1249:Defunct banks of the United States
1244:Bank failures in the United States
968:Mechanics and Metals National Bank
14:
1114:Chase Tower (Englewood, Colorado)
1064:270 Park Avenue (1960–2021)
398:Nash, Nathaniel C. (1988-12-29).
365:Nash, Nathaniel C. (1988-09-07).
1210:
1198:
1187:
1186:
923:Fourth National Bank of New York
607:
1028:Valley National Bank of Arizona
284:"FINANCIAL SEEKS FIRST CHARTER"
282:Hayes, Thomas C. (1983-01-12).
1159:JPMorgan Chase Tower (Houston)
1:
908:Dime Savings Bank of New York
589:Highbridge Capital Management
898:Continental Bank & Trust
269:"Stockton thrifts wild ride"
29:Savings and loan association
1129:Chase Tower (Oklahoma City)
267:Bill Cook (July 23, 1996).
1270:
1119:Chase Tower (Indianapolis)
582:Chase Card Services Canada
174:mortgage-backed securities
1254:Banks established in 1922
1182:
1169:One Chase Manhattan Plaza
855:American Savings and Loan
605:
1023:Trust Company of America
973:National Bank of Detroit
200:Western Savings and Loan
1239:Savings and loan crisis
1139:Chase Tower (Rochester)
1124:Chase Tower (Milwaukee)
1003:Robert Fleming & Co
701:William B. Harrison Jr.
145:savings and loan crisis
1094:Chase Tower (Amarillo)
988:New York Trust Company
189:Washington Mutual Bank
1134:Chase Tower (Phoenix)
1109:Chase Tower (El Paso)
1099:Chase Tower (Chicago)
1018:The Manhattan Company
1008:State Bank of Chicago
963:Manufacturers Hanover
938:HF Ahmanson & Co.
933:Hambrecht & Quist
716:Douglas A. Warner III
681:Junius Spencer Morgan
1104:Chase Tower (Dallas)
888:Chase Manhattan Bank
873:Bank United of Texas
691:Henry Sturgis Morgan
671:John Pierpont Morgan
639:Mary Callahan Erdoes
585:EMC Mortgage Company
193:JP Morgan Chase Bank
141:Stockton, California
98:Stockton, California
58:Stockton, California
1013:Texas Commerce Bank
859:Anchor Savings Bank
746:Dennis Weatherstone
599:One Equity Partners
71:September 1988
21:
1174:The Qube (Detroit)
1079:383 Madison Avenue
983:National Park Bank
953:JP Morgan & Co
928:Great Western Bank
903:Corn Exchange Bank
827:Phebe N. Novakovic
594:JP Morgan & Co
403:The New York Times
371:The New York Times
288:The New York Times
157:Irvine, California
39:Financial services
1226:
1225:
1033:Washington Mutual
850:American Fletcher
772:
771:
711:Walter V. Shipley
696:David Rockefeller
460:Los Angeles Times
435:Los Angeles Times
345:Los Angeles Times
320:Los Angeles Times
242:Los Angeles Times
220:years in prison.
130:
129:
1261:
1214:
1202:
1201:
1190:
1189:
943:Indiana National
832:Virginia Rometty
756:Winthrop Aldrich
741:Thomas W. Lamont
736:James B. Lee Jr.
676:J. P. Morgan Jr.
623:
611:
578:Chase Paymentech
542:
535:
528:
519:
471:
470:
468:
467:
452:
446:
445:
443:
442:
427:
421:
420:
418:
417:
395:
389:
388:
386:
385:
362:
356:
355:
353:
352:
337:
331:
330:
328:
327:
312:
306:
305:
303:
302:
279:
273:
272:
264:
253:
252:
250:
249:
234:
219:
218:
214:
211:
204:Phoenix, Arizona
137:savings and loan
135:was an American
78:
76:
55:
53:
22:
1269:
1268:
1264:
1263:
1262:
1260:
1259:
1258:
1229:
1228:
1227:
1222:
1178:
1074:277 Park Avenue
1054:245 Park Avenue
1049:125 London Wall
1037:
958:Lincoln Savings
948:Jardine Fleming
842:
836:
779:
768:
659:
646:Gordon A. Smith
643:Daniel E. Pinto
618:
612:
603:
551:
546:
480:
478:Further reading
475:
474:
465:
463:
454:
453:
449:
440:
438:
429:
428:
424:
415:
413:
397:
396:
392:
383:
381:
364:
363:
359:
350:
348:
339:
338:
334:
325:
323:
314:
313:
309:
300:
298:
281:
280:
276:
266:
265:
256:
247:
245:
236:
235:
231:
226:
216:
212:
209:
207:
153:
113:
106:
100:
74:
72:
51:
49:
17:
12:
11:
5:
1267:
1265:
1257:
1256:
1251:
1246:
1241:
1231:
1230:
1224:
1223:
1221:
1220:
1208:
1196:
1183:
1180:
1179:
1177:
1176:
1171:
1166:
1161:
1156:
1151:
1146:
1141:
1136:
1131:
1126:
1121:
1116:
1111:
1106:
1101:
1096:
1091:
1086:
1081:
1076:
1071:
1066:
1061:
1059:25 Bank Street
1056:
1051:
1045:
1043:
1039:
1038:
1036:
1035:
1030:
1025:
1020:
1015:
1010:
1005:
1000:
995:
990:
985:
980:
975:
970:
965:
960:
955:
950:
945:
940:
935:
930:
925:
920:
915:
910:
905:
900:
895:
890:
885:
880:
875:
870:
865:
860:
857:
852:
846:
844:
838:
837:
835:
834:
829:
824:
821:
819:Mellody Hobson
816:
811:
808:
803:
798:
793:
788:
784:
782:
774:
773:
770:
769:
767:
766:
761:
758:
753:
751:John J. McCloy
748:
743:
738:
733:
731:Blythe Masters
728:
723:
721:Temple Bowdoin
718:
713:
708:
703:
698:
693:
688:
686:George Peabody
683:
678:
673:
667:
665:
661:
660:
658:
657:
652:
647:
644:
641:
636:
629:
627:
620:
614:
613:
606:
604:
602:
601:
596:
591:
586:
583:
580:
575:
570:
565:
559:
557:
553:
552:
549:JPMorgan Chase
547:
545:
544:
537:
530:
522:
516:
515:
513:978-0275939885
503:
501:978-0060986001
491:
489:978-0525249030
479:
476:
473:
472:
447:
422:
390:
357:
332:
307:
274:
254:
228:
227:
225:
222:
152:
149:
128:
127:
122:
118:
117:
114:
111:
108:
107:
102:
96:
94:
90:
89:
84:
80:
79:
69:
65:
64:
46:
42:
41:
36:
32:
31:
26:
15:
13:
10:
9:
6:
4:
3:
2:
1266:
1255:
1252:
1250:
1247:
1245:
1242:
1240:
1237:
1236:
1234:
1219:
1218:
1213:
1209:
1207:
1206:
1197:
1195:
1194:
1185:
1184:
1181:
1175:
1172:
1170:
1167:
1165:
1162:
1160:
1157:
1155:
1152:
1150:
1147:
1145:
1142:
1140:
1137:
1135:
1132:
1130:
1127:
1125:
1122:
1120:
1117:
1115:
1112:
1110:
1107:
1105:
1102:
1100:
1097:
1095:
1092:
1090:
1087:
1085:
1082:
1080:
1077:
1075:
1072:
1070:
1067:
1065:
1062:
1060:
1057:
1055:
1052:
1050:
1047:
1046:
1044:
1040:
1034:
1031:
1029:
1026:
1024:
1021:
1019:
1016:
1014:
1011:
1009:
1006:
1004:
1001:
999:
996:
994:
991:
989:
986:
984:
981:
979:
976:
974:
971:
969:
966:
964:
961:
959:
956:
954:
951:
949:
946:
944:
941:
939:
936:
934:
931:
929:
926:
924:
921:
919:
916:
914:
913:First Chicago
911:
909:
906:
904:
901:
899:
896:
894:
893:Chemical Bank
891:
889:
886:
884:
883:CenTrust Bank
881:
879:
876:
874:
871:
869:
866:
864:
861:
858:
856:
853:
851:
848:
847:
845:
839:
833:
830:
828:
825:
822:
820:
817:
815:
814:Laban Jackson
812:
810:Timothy Flynn
809:
807:
804:
802:
799:
797:
794:
792:
789:
787:Linda Bammann
786:
785:
783:
781:
775:
765:
762:
760:Matthew Zames
759:
757:
754:
752:
749:
747:
744:
742:
739:
737:
734:
732:
729:
727:
724:
722:
719:
717:
714:
712:
709:
707:
706:John B. McCoy
704:
702:
699:
697:
694:
692:
689:
687:
684:
682:
679:
677:
674:
672:
669:
668:
666:
662:
656:
653:
651:
650:Marianne Lake
648:
645:
642:
640:
637:
634:
631:
630:
628:
624:
621:
615:
610:
600:
597:
595:
592:
590:
587:
584:
581:
579:
576:
574:
571:
569:
566:
564:
561:
560:
558:
554:
550:
543:
538:
536:
531:
529:
524:
523:
520:
514:
510:
507:
504:
502:
498:
495:
492:
490:
486:
482:
481:
477:
461:
457:
451:
448:
436:
432:
426:
423:
412:
408:
404:
401:
394:
391:
380:
376:
372:
368:
361:
358:
346:
342:
336:
333:
321:
317:
311:
308:
297:
293:
289:
285:
278:
275:
271:. The Record.
270:
263:
261:
259:
255:
243:
239:
233:
230:
223:
221:
205:
201:
196:
194:
190:
186:
181:
177:
175:
170:
166:
162:
158:
150:
148:
146:
142:
138:
134:
126:
123:
119:
115:
109:
105:
104:United States
99:
95:
91:
88:
85:
81:
70:
66:
63:
62:United States
59:
47:
43:
40:
37:
33:
30:
27:
23:
1215:
1203:
1191:
1164:McCoy Center
1144:Chater House
1084:Chase Center
878:Bear Stearns
854:
823:Michael Neal
764:Steven Black
464:. Retrieved
462:. 1993-12-15
459:
450:
439:. Retrieved
437:. 1992-04-08
434:
425:
414:. Retrieved
402:
393:
382:. Retrieved
370:
360:
349:. Retrieved
347:. 1988-09-06
344:
335:
324:. Retrieved
322:. 1988-02-08
319:
310:
299:. Retrieved
287:
277:
246:. Retrieved
244:. 1994-05-20
241:
232:
197:
182:
178:
154:
132:
131:
93:Headquarters
87:Receivership
25:Company type
1217:Wikiversity
1089:Chase Field
993:Ord Minnett
841:Historical
806:Jamie Dimon
801:James Crown
791:Steve Burke
655:Jing Ulrich
633:Jamie Dimon
563:Beacon Rail
185:Robert Bass
161:Los Angeles
112:Area served
1233:Categories
843:components
796:Todd Combs
726:Jes Staley
619:executives
568:Chase Bank
466:2021-06-08
441:2021-06-08
416:2021-06-08
384:2021-06-08
351:2021-06-08
326:2021-06-08
301:2021-06-08
248:2021-06-08
224:References
165:Mark Taper
116:California
1042:Buildings
998:Providian
918:First USA
780:directors
778:Board of
556:Divisions
411:0362-4331
379:0362-4331
296:0362-4331
139:based in
125:Mortgages
1193:Category
868:Bank One
617:Notable
573:Chase UK
121:Products
35:Industry
1205:Commons
626:current
215:⁄
151:History
75:1988-09
73: (
68:Defunct
50: (
45:Founded
664:former
511:
499:
487:
409:
377:
294:
635:(CEO)
509:ISBN
497:ISBN
485:ISBN
407:ISSN
375:ISSN
292:ISSN
83:Fate
52:1922
48:1922
202:in
169:run
56:in
1235::
458:.
433:.
405:.
373:.
369:.
343:.
318:.
290:.
286:.
257:^
240:.
195:.
101:,
60:,
541:e
534:t
527:v
469:.
444:.
419:.
387:.
354:.
329:.
304:.
251:.
217:2
213:1
210:+
208:6
77:)
54:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.