Great American Bank: The San Diego-based thrift...
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From Times Staff and Wire Reports
Great American Bank: The San Diego-based thrift reported a $46.8-million first-quarter loss, which makes it insolvent under regulators’ most stringent capital measurement and heightens the possibility of a government takeover. The loss, which follows a $173-million loss for 1990, lowers Great American’s tangible capital to negative $4.7 million, effectively wiping out shareholders’ remaining investment. Observers say regulators are likely to wait to seize the S&L; until at least July, when Great American completes the sale of its 130 California branches to Wells Fargo.
