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218:
million, largely because such investors held securities backed by the parent company rather than deposits in the federally insured institution, a distinction apparently lost on many if not most of them until it was too late. The federal government covered almost $ 3 billion of
Lincoln's losses when it seized the institution. Many creditors were made whole, and the government then attempted to liquidate the seized assets through its
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35:
273:
Lincoln, established in Los
Angeles in 1925, was acquired last year by Phoenix-based American Continental Corp. and its headquarters were moved to Irvine. The S&L has 25 branches throughout Southern California and, as of the end of last month, held $ 2.1 billion in deposits, up from $ 940 million
217:
When
American Continental Corporation, the parent of Lincoln Savings, went bankrupt in 1989, more than 21,000 mostly elderly investors lost their life savings. Lincoln Savings was seized by federal authorities the day following American Continental's bankruptcy filing. This total came to about $ 285
225:
At the time of the
Federal seizure on April 14, 1989, Lincoln Savings was the 42nd largest savings & loan in the country with 29 branches throughout Southern California and assets of $ 5.4 billion and deposits of $ 4.4 billion but only $ 20 million in required capital on hand instead of the
399:
Phoenix-based
American Continental Corp., the nation's seventhlargest builder, announced Friday that it has agreed to acquire Monterey Park-based First Lincoln Financial Corp., parent of Lincoln Savings & Loan Assn., for about $ 50
222:, often at pennies on the dollar compared to what the property had allegedly been worth and the valuation at which loans against it had been made. Charles Keating would be sent to prison for fraud.
196:, purchased Lincoln in February 1984 for $ 51 million. Keating fired the existing management. Over the next four years, Lincoln's assets increased from $ 1.1 billion to $ 5.5 billion. Such
481:
185:
and only a quarter of its assets considered at risk. It had slow growth at best, and had shown a loss for several years until it made a profit of a few million dollars in 1983.
1348:
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supporting an application for an exemption for
Lincoln to a bank board rule forbidding substantial amounts of some investments, yet the exemption was not granted to Lincoln.
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in the early 1980s, allowing them to make highly risky investments with their depositors' money, a change of which
Keating took advantage.
525:"U.S. Seizes Irvine S&L, Ousts Its Management : Assets of Lincoln Savings 'Substantially Dissipated,' Federal Regulators Declare"
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461:"Lincoln Savings' Parent Files for Chapter 11 : Action Apparently Kills Proposed Sale, Increases Likelihood of Seizure"
501:
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227:
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34:
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required $ 325 million in capital. It took two years for the RTC to liquidate
Lincoln Savings. In March 1991,
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610:
163:
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Through the early 1980s, Lincoln was a conservatively-run enterprise, with almost half its assets in
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546:"Collapse of Lincoln Savings Leaves Scars for Rich, Poor and the Faithful"
234:
paid the RTC $ 12.1 million for 28 offices and $ 1 billion in deposits.
602:
606:
339:"The Lincoln Savings and Loan Investigation: Who Is Involved"
502:"Federal regulators seized Lincoln Savings and Loan ..."
565:
Granelli, James S. & Bates, James (March 9, 1991).
440:"American Continental Files For Chapter 11 Bankruptcy"
178:
192:, who as chairman of a housing construction company,
174:
Lincoln
Savings and Loan Association was founded in
158:, was the financial institution at the heart of the
1126:
925:
861:
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710:
701:
640:
210:sent a letter in February 1985 to officials of the
136:
124:
114:
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57:
49:
41:
482:"Seized Savings And Loan's Bonds May Be Worthless"
366:
368:"Phoenix Builder to Buy Lincoln S&L's Parent"
518:
516:
567:"Great Western Acquires Failed Lincoln S&L"
618:
263:"El Torito Restaurants Report Profits Up 18%"
8:
27:
1349:1989 disestablishments in the United States
333:
331:
329:
1234:Indiana Michigan Power Center (Fort Wayne)
707:
625:
611:
603:
286:
284:
282:
33:
26:
1239:JPMorgan Chase Building (San Francisco)
588:"Acquisition Of Lincoln's Branches Set"
586:Stevenson, Richard W. (March 9, 1991).
254:
212:Federal Home Loan Bank of San Francisco
1339:Defunct companies based in California
1324:Companies based in Irvine, California
1063:National Bank of Commerce in New York
7:
1284:
1154:270 Park Avenue (2021–present)
948:Banca Commerciale Italiana Trust Co.
480:Binstein, Michael (April 15, 1989).
414:"Greenspan's Lincoln Savings Regret"
152:Lincoln Savings and Loan Association
28:Lincoln Savings and Loan Association
389:from the original on March 12, 2017
1329:Defunct banks of the United States
1053:Mechanics and Metals National Bank
244:List of largest U.S. bank failures
25:
1199:Chase Tower (Englewood, Colorado)
1149:270 Park Avenue (1960–2021)
544:Nash, Nathaniel C. (1989-11-30).
412:Nash, Nathaniel C. (1989-11-20).
365:Rivera, Nancy (October 1, 1983).
1295:
1283:
1272:
1271:
1008:Fourth National Bank of New York
692:
194:American Continental Corporation
143:American Continental Corporation
1113:Valley National Bank of Arizona
523:O'Dell, John (April 15, 1989).
459:O'Dell, John (April 14, 1989).
1244:JPMorgan Chase Tower (Houston)
274:the same period a year before.
188:Lincoln then became headed by
1:
993:Dime Savings Bank of New York
674:Highbridge Capital Management
198:savings and loan associations
1344:Banks disestablished in 1989
983:Continental Bank & Trust
220:Resolution Trust Corporation
1214:Chase Tower (Oklahoma City)
63:; 99 years ago
1365:
1204:Chase Tower (Indianapolis)
667:Chase Card Services Canada
1267:
1254:One Chase Manhattan Plaza
940:American Savings and Loan
690:
162:scandal during the 1980s
32:
1108:Trust Company of America
1058:National Bank of Detroit
1334:Savings and loan crisis
1224:Chase Tower (Rochester)
1209:Chase Tower (Milwaukee)
1088:Robert Fleming & Co
786:William B. Harrison Jr.
164:savings and loan crisis
1179:Chase Tower (Amarillo)
1073:New York Trust Company
301:Worth the Fighting For
82:; 35 years ago
1219:Chase Tower (Phoenix)
1194:Chase Tower (El Paso)
1184:Chase Tower (Chicago)
1103:The Manhattan Company
1093:State Bank of Chicago
1048:Manufacturers Hanover
1023:HF Ahmanson & Co.
1018:Hambrecht & Quist
801:Douglas A. Warner III
766:Junius Spencer Morgan
1189:Chase Tower (Dallas)
973:Chase Manhattan Bank
958:Bank United of Texas
776:Henry Sturgis Morgan
756:John Pierpont Morgan
724:Mary Callahan Erdoes
670:EMC Mortgage Company
1098:Texas Commerce Bank
944:Anchor Savings Bank
831:Dennis Weatherstone
684:One Equity Partners
80:April 14, 1989
29:
1259:The Qube (Detroit)
1164:383 Madison Avenue
1068:National Park Bank
1038:JP Morgan & Co
1013:Great Western Bank
988:Corn Exchange Bank
912:Phebe N. Novakovic
679:JP Morgan & Co
551:The New York Times
419:The New York Times
344:The New York Times
232:Great Western Bank
156:Irvine, California
119:Irvine, California
109:Great Western Bank
1311:
1310:
1118:Washington Mutual
935:American Fletcher
857:
856:
796:Walter V. Shipley
781:David Rockefeller
572:Los Angeles Times
530:Los Angeles Times
509:. April 15, 1989.
466:Los Angeles Times
448:. April 14, 1989.
374:Los Angeles Times
271:. July 21, 1985.
268:Los Angeles Times
148:
147:
16:(Redirected from
1356:
1299:
1287:
1286:
1275:
1274:
1028:Indiana National
917:Virginia Rometty
841:Winthrop Aldrich
826:Thomas W. Lamont
821:James B. Lee Jr.
761:J. P. Morgan Jr.
708:
696:
663:Chase Paymentech
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1159:277 Park Avenue
1139:245 Park Avenue
1134:125 London Wall
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1043:Lincoln Savings
1033:Jardine Fleming
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731:Gordon A. Smith
728:Daniel E. Pinto
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190:Charles Keating
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131:Charles Keating
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18:Lincoln Savings
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904:Mellody Hobson
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816:Blythe Masters
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806:Temple Bowdoin
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634:JPMorgan Chase
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593:New York Times
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377:. p. D1.
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208:Alan Greenspan
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72:in Los Angeles
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978:Chemical Bank
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968:CenTrust Bank
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899:Laban Jackson
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895:Timothy Flynn
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872:Linda Bammann
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845:Matthew Zames
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791:John B. McCoy
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735:Marianne Lake
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319:0-375-50542-3
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229:
228:Beverly Hills
223:
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48:
44:
40:
36:
31:
19:
1300:
1288:
1276:
1249:McCoy Center
1229:Chater House
1169:Chase Center
963:Bear Stearns
908:Michael Neal
849:Steven Black
591:
581:
570:
560:
549:
539:
528:
504:
496:
485:
475:
464:
454:
443:
434:
423:. Retrieved
417:
407:
398:
391:. Retrieved
372:
360:
349:. Retrieved
347:. 1989-11-22
342:
306:Random House
304:. New York:
300:
296:Salter, Mark
292:McCain, John
272:
266:
257:
224:
216:
206:
187:
180:
173:
160:Keating Five
151:
149:
115:Headquarters
42:Company type
1302:Wikiversity
1174:Chase Field
1078:Ord Minnett
926:Historical
891:Jamie Dimon
886:James Crown
876:Steve Burke
740:Jing Ulrich
718:Jamie Dimon
648:Beacon Rail
308:. pp.
202:deregulated
176:Los Angeles
1318:Categories
928:components
881:Todd Combs
811:Jes Staley
704:executives
653:Chase Bank
425:2010-05-07
351:2007-05-25
250:References
183:home loans
126:Key people
99:Insolvency
87:1989-04-14
45:Subsidiary
1127:Buildings
1083:Providian
1003:First USA
865:directors
863:Board of
641:Divisions
383:153629387
200:had been
105:Successor
1278:Category
953:Bank One
702:Notable
658:Chase UK
400:million.
387:Archived
379:ProQuest
298:(2002).
238:See also
50:Industry
1290:Commons
711:current
393:July 6,
310:162–163
230:-based
170:History
85: (
77:Defunct
66: (
58:Founded
749:former
381:
316:
294:&
138:Parent
720:(CEO)
395:2017
314:ISBN
150:The
95:Fate
68:1925
61:1925
154:of
1320::
590:.
569:.
548:.
527:.
515:^
484:.
463:.
442:.
416:.
397:.
385:.
371:.
341:.
328:^
312:.
281:^
265:.
166:.
626:e
619:t
612:v
596:.
575:.
554:.
533:.
490:.
469:.
428:.
354:.
322:.
89:)
70:)
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
