683:
1286:
1262:
207:
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
1274:
24:
262:
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
206:
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
214:
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
388:
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
211:, 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.
185:, 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
1187:
470:
174:
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.
203:
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.
1337:
428:
1327:
1312:
193:
in the early 1980s, allowing them to make highly risky investments with their depositors' money, a change of which
Keating took advantage.
514:"U.S. Seizes Irvine S&L, Ousts Its Management : Assets of Lincoln Savings 'Substantially Dissipated,' Federal Regulators Declare"
1317:
375:
613:
1227:
200:
646:
1332:
1051:
450:"Lincoln Savings' Parent Files for Chapter 11 : Action Apparently Kills Proposed Sale, Increases Likelihood of Seizure"
936:
490:
576:
1142:
1041:
1001:
971:
232:
220:
97:
534:
402:
327:
306:
1322:
996:
182:
131:
1278:
1137:
1101:
923:
1232:
215:
required $ 325 million in capital. It took two years for the RTC to liquidate
Lincoln Savings. In March 1991,
981:
662:
606:
208:
186:
1202:
555:
513:
449:
251:
1192:
837:
961:
1016:
928:
864:
216:
170:
Through the early 1980s, Lincoln was a conservatively-run enterprise, with almost half its assets in
1096:
1046:
1285:
1266:
1212:
1197:
774:
599:
152:
298:
1167:
1076:
1061:
288:
1207:
1182:
1172:
1091:
1081:
1036:
789:
754:
367:
1177:
1011:
1006:
946:
941:
764:
712:
23:
8:
1086:
819:
672:
1247:
1152:
1056:
986:
976:
900:
851:
539:
407:
332:
144:
107:
1290:
1242:
1106:
1026:
784:
769:
667:
560:
518:
454:
362:
302:
256:
905:
829:
814:
809:
749:
651:
1147:
1127:
1122:
1031:
1021:
494:
475:
178:
119:
371:
1132:
991:
892:
824:
804:
794:
759:
682:
622:
581:
433:
196:
126:
1306:
1222:
966:
956:
887:
779:
723:
356:
171:
1237:
1217:
1157:
951:
744:
294:
190:
148:
535:"Collapse of Lincoln Savings Leaves Scars for Rich, Poor and the Faithful"
1162:
1066:
879:
874:
728:
706:
636:
284:
280:
164:
223:
paid the RTC $ 12.1 million for 28 offices and $ 1 billion in deposits.
869:
799:
641:
87:
1071:
591:
328:"The Lincoln Savings and Loan Investigation: Who Is Involved"
491:"Federal regulators seized Lincoln Savings and Loan ..."
554:
Granelli, James S. & Bates, James (March 9, 1991).
429:"American Continental Files For Chapter 11 Bankruptcy"
167:
181:, who as chairman of a housing construction company,
163:
Lincoln
Savings and Loan Association was founded in
147:, was the financial institution at the heart of the
199:sent a letter in February 1985 to officials of the
471:"Seized Savings And Loan's Bonds May Be Worthless"
355:
357:"Phoenix Builder to Buy Lincoln S&L's Parent"
1304:
507:
505:
556:"Great Western Acquires Failed Lincoln S&L"
607:
568:
553:
547:
502:
252:"El Torito Restaurants Report Profits Up 18%"
441:
421:
347:
279:
244:
1338:1989 disestablishments in the United States
483:
462:
322:
320:
318:
1223:Indiana Michigan Power Center (Fort Wayne)
614:
600:
511:
447:
275:
273:
271:
22:
574:
468:
315:
1228:JPMorgan Chase Building (San Francisco)
577:"Acquisition Of Lincoln's Branches Set"
575:Stevenson, Richard W. (March 9, 1991).
268:
201:Federal Home Loan Bank of San Francisco
1305:
353:
1328:Defunct companies based in California
1313:Companies based in Irvine, California
1052:National Bank of Commerce in New York
595:
1273:
1143:270 Park Avenue (2021–present)
937:Banca Commerciale Italiana Trust Co.
532:
469:Binstein, Michael (April 15, 1989).
403:"Greenspan's Lincoln Savings Regret"
400:
141:Lincoln Savings and Loan Association
17:Lincoln Savings and Loan Association
378:from the original on March 12, 2017
13:
1318:Defunct banks of the United States
1042:Mechanics and Metals National Bank
621:
233:List of largest U.S. bank failures
14:
1349:
1188:Chase Tower (Englewood, Colorado)
1138:270 Park Avenue (1960–2021)
533:Nash, Nathaniel C. (1989-11-30).
401:Nash, Nathaniel C. (1989-11-20).
354:Rivera, Nancy (October 1, 1983).
1284:
1272:
1261:
1260:
997:Fourth National Bank of New York
681:
183:American Continental Corporation
132:American Continental Corporation
1102:Valley National Bank of Arizona
526:
512:O'Dell, John (April 15, 1989).
448:O'Dell, John (April 14, 1989).
1233:JPMorgan Chase Tower (Houston)
394:
263:the same period a year before.
177:Lincoln then became headed by
1:
982:Dime Savings Bank of New York
663:Highbridge Capital Management
238:
187:savings and loan associations
1333:Banks disestablished in 1989
972:Continental Bank & Trust
209:Resolution Trust Corporation
7:
1203:Chase Tower (Oklahoma City)
226:
52:; 99 years ago
10:
1354:
1193:Chase Tower (Indianapolis)
656:Chase Card Services Canada
158:
1256:
1243:One Chase Manhattan Plaza
1115:
929:American Savings and Loan
914:
850:
737:
699:
690:
679:
629:
151:scandal during the 1980s
125:
113:
103:
93:
83:
65:
46:
38:
30:
21:
1097:Trust Company of America
1047:National Bank of Detroit
1323:Savings and loan crisis
1213:Chase Tower (Rochester)
1198:Chase Tower (Milwaukee)
1077:Robert Fleming & Co
775:William B. Harrison Jr.
153:savings and loan crisis
1168:Chase Tower (Amarillo)
1062:New York Trust Company
290:Worth the Fighting For
71:; 35 years ago
1208:Chase Tower (Phoenix)
1183:Chase Tower (El Paso)
1173:Chase Tower (Chicago)
1092:The Manhattan Company
1082:State Bank of Chicago
1037:Manufacturers Hanover
1012:HF Ahmanson & Co.
1007:Hambrecht & Quist
790:Douglas A. Warner III
755:Junius Spencer Morgan
1178:Chase Tower (Dallas)
962:Chase Manhattan Bank
947:Bank United of Texas
765:Henry Sturgis Morgan
745:John Pierpont Morgan
713:Mary Callahan Erdoes
659:EMC Mortgage Company
1087:Texas Commerce Bank
933:Anchor Savings Bank
820:Dennis Weatherstone
673:One Equity Partners
69:April 14, 1989
18:
1248:The Qube (Detroit)
1153:383 Madison Avenue
1057:National Park Bank
1027:JP Morgan & Co
1002:Great Western Bank
977:Corn Exchange Bank
901:Phebe N. Novakovic
668:JP Morgan & Co
540:The New York Times
408:The New York Times
333:The New York Times
221:Great Western Bank
145:Irvine, California
108:Irvine, California
98:Great Western Bank
16:
1300:
1299:
1107:Washington Mutual
924:American Fletcher
846:
845:
785:Walter V. Shipley
770:David Rockefeller
561:Los Angeles Times
519:Los Angeles Times
498:. April 15, 1989.
455:Los Angeles Times
437:. April 14, 1989.
363:Los Angeles Times
260:. July 21, 1985.
257:Los Angeles Times
137:
136:
1345:
1288:
1276:
1275:
1264:
1263:
1017:Indiana National
906:Virginia Rometty
830:Winthrop Aldrich
815:Thomas W. Lamont
810:James B. Lee Jr.
750:J. P. Morgan Jr.
697:
696:
685:
652:Chase Paymentech
616:
609:
602:
593:
592:
587:
586:
572:
566:
565:
551:
545:
544:
530:
524:
523:
509:
500:
499:
487:
481:
480:
466:
460:
459:
445:
439:
438:
425:
419:
418:
416:
415:
398:
392:
391:
385:
383:
359:
351:
345:
344:
342:
341:
324:
313:
312:
277:
266:
265:
248:
79:
77:
72:
60:
58:
53:
42:Savings and loan
26:
19:
15:
1353:
1352:
1348:
1347:
1346:
1344:
1343:
1342:
1303:
1302:
1301:
1296:
1252:
1148:277 Park Avenue
1128:245 Park Avenue
1123:125 London Wall
1111:
1032:Lincoln Savings
1022:Jardine Fleming
916:
910:
853:
842:
733:
720:Gordon A. Smith
717:Daniel E. Pinto
692:
686:
677:
625:
620:
590:
573:
569:
552:
548:
531:
527:
510:
503:
495:Chicago Tribune
489:
488:
484:
476:Washington Post
467:
463:
446:
442:
427:
426:
422:
413:
411:
399:
395:
381:
379:
352:
348:
339:
337:
326:
325:
316:
309:
278:
269:
250:
249:
245:
241:
229:
179:Charles Keating
161:
120:Charles Keating
116:
75:
73:
70:
56:
54:
51:
12:
11:
5:
1351:
1341:
1340:
1335:
1330:
1325:
1320:
1315:
1298:
1297:
1295:
1294:
1282:
1270:
1257:
1254:
1253:
1251:
1250:
1245:
1240:
1235:
1230:
1225:
1220:
1215:
1210:
1205:
1200:
1195:
1190:
1185:
1180:
1175:
1170:
1165:
1160:
1155:
1150:
1145:
1140:
1135:
1133:25 Bank Street
1130:
1125:
1119:
1117:
1113:
1112:
1110:
1109:
1104:
1099:
1094:
1089:
1084:
1079:
1074:
1069:
1064:
1059:
1054:
1049:
1044:
1039:
1034:
1029:
1024:
1019:
1014:
1009:
1004:
999:
994:
989:
984:
979:
974:
969:
964:
959:
954:
949:
944:
939:
934:
931:
926:
920:
918:
912:
911:
909:
908:
903:
898:
895:
893:Mellody Hobson
890:
885:
882:
877:
872:
867:
862:
858:
856:
848:
847:
844:
843:
841:
840:
835:
832:
827:
825:John J. McCloy
822:
817:
812:
807:
805:Blythe Masters
802:
797:
795:Temple Bowdoin
792:
787:
782:
777:
772:
767:
762:
760:George Peabody
757:
752:
747:
741:
739:
735:
734:
732:
731:
726:
721:
718:
715:
710:
703:
701:
694:
688:
687:
680:
678:
676:
675:
670:
665:
660:
657:
654:
649:
644:
639:
633:
631:
627:
626:
623:JPMorgan Chase
619:
618:
611:
604:
596:
589:
588:
582:New York Times
567:
546:
525:
501:
482:
461:
440:
434:New York Times
420:
393:
366:. p. D1.
346:
314:
307:
267:
242:
240:
237:
236:
235:
228:
225:
197:Alan Greenspan
160:
157:
135:
134:
129:
123:
122:
117:
114:
111:
110:
105:
101:
100:
95:
91:
90:
85:
81:
80:
67:
63:
62:
61:in Los Angeles
48:
44:
43:
40:
36:
35:
32:
28:
27:
9:
6:
4:
3:
2:
1350:
1339:
1336:
1334:
1331:
1329:
1326:
1324:
1321:
1319:
1316:
1314:
1311:
1310:
1308:
1293:
1292:
1287:
1283:
1281:
1280:
1271:
1269:
1268:
1259:
1258:
1255:
1249:
1246:
1244:
1241:
1239:
1236:
1234:
1231:
1229:
1226:
1224:
1221:
1219:
1216:
1214:
1211:
1209:
1206:
1204:
1201:
1199:
1196:
1194:
1191:
1189:
1186:
1184:
1181:
1179:
1176:
1174:
1171:
1169:
1166:
1164:
1161:
1159:
1156:
1154:
1151:
1149:
1146:
1144:
1141:
1139:
1136:
1134:
1131:
1129:
1126:
1124:
1121:
1120:
1118:
1114:
1108:
1105:
1103:
1100:
1098:
1095:
1093:
1090:
1088:
1085:
1083:
1080:
1078:
1075:
1073:
1070:
1068:
1065:
1063:
1060:
1058:
1055:
1053:
1050:
1048:
1045:
1043:
1040:
1038:
1035:
1033:
1030:
1028:
1025:
1023:
1020:
1018:
1015:
1013:
1010:
1008:
1005:
1003:
1000:
998:
995:
993:
990:
988:
987:First Chicago
985:
983:
980:
978:
975:
973:
970:
968:
967:Chemical Bank
965:
963:
960:
958:
957:CenTrust Bank
955:
953:
950:
948:
945:
943:
940:
938:
935:
932:
930:
927:
925:
922:
921:
919:
913:
907:
904:
902:
899:
896:
894:
891:
889:
888:Laban Jackson
886:
884:Timothy Flynn
883:
881:
878:
876:
873:
871:
868:
866:
863:
861:Linda Bammann
860:
859:
857:
855:
849:
839:
836:
834:Matthew Zames
833:
831:
828:
826:
823:
821:
818:
816:
813:
811:
808:
806:
803:
801:
798:
796:
793:
791:
788:
786:
783:
781:
780:John B. McCoy
778:
776:
773:
771:
768:
766:
763:
761:
758:
756:
753:
751:
748:
746:
743:
742:
740:
736:
730:
727:
725:
724:Marianne Lake
722:
719:
716:
714:
711:
708:
705:
704:
702:
698:
695:
689:
684:
674:
671:
669:
666:
664:
661:
658:
655:
653:
650:
648:
645:
643:
640:
638:
635:
634:
632:
628:
624:
617:
612:
610:
605:
603:
598:
597:
594:
584:
583:
578:
571:
563:
562:
557:
550:
542:
541:
536:
529:
521:
520:
515:
508:
506:
497:
496:
492:
486:
478:
477:
472:
465:
457:
456:
451:
444:
436:
435:
430:
424:
410:
409:
404:
397:
390:
377:
373:
369:
365:
364:
358:
350:
335:
334:
329:
323:
321:
319:
310:
308:0-375-50542-3
304:
300:
296:
292:
291:
286:
282:
276:
274:
272:
264:
259:
258:
253:
247:
243:
234:
231:
230:
224:
222:
218:
217:Beverly Hills
212:
210:
204:
202:
198:
194:
192:
188:
184:
180:
175:
173:
168:
166:
156:
154:
150:
146:
142:
133:
130:
128:
124:
121:
118:
112:
109:
106:
102:
99:
96:
92:
89:
86:
82:
68:
64:
49:
45:
41:
37:
33:
29:
25:
20:
1289:
1277:
1265:
1238:McCoy Center
1218:Chater House
1158:Chase Center
952:Bear Stearns
897:Michael Neal
838:Steven Black
580:
570:
559:
549:
538:
528:
517:
493:
485:
474:
464:
453:
443:
432:
423:
412:. Retrieved
406:
396:
387:
380:. Retrieved
361:
349:
338:. Retrieved
336:. 1989-11-22
331:
295:Random House
293:. New York:
289:
285:Salter, Mark
281:McCain, John
261:
255:
246:
213:
205:
195:
176:
169:
162:
149:Keating Five
140:
138:
104:Headquarters
31:Company type
1291:Wikiversity
1163:Chase Field
1067:Ord Minnett
915:Historical
880:Jamie Dimon
875:James Crown
865:Steve Burke
729:Jing Ulrich
707:Jamie Dimon
637:Beacon Rail
297:. pp.
191:deregulated
165:Los Angeles
1307:Categories
917:components
870:Todd Combs
800:Jes Staley
693:executives
642:Chase Bank
414:2010-05-07
340:2007-05-25
239:References
172:home loans
115:Key people
88:Insolvency
76:1989-04-14
34:Subsidiary
1116:Buildings
1072:Providian
992:First USA
854:directors
852:Board of
630:Divisions
372:153629387
189:had been
94:Successor
1267:Category
942:Bank One
691:Notable
647:Chase UK
389:million.
376:Archived
368:ProQuest
287:(2002).
227:See also
39:Industry
1279:Commons
700:current
382:July 6,
299:162–163
219:-based
159:History
74: (
66:Defunct
55: (
47:Founded
738:former
370:
305:
283:&
127:Parent
709:(CEO)
384:2017
303:ISBN
139:The
84:Fate
57:1925
50:1925
143:of
1309::
579:.
558:.
537:.
516:.
504:^
473:.
452:.
431:.
405:.
386:.
374:.
360:.
330:.
317:^
301:.
270:^
254:.
155:.
615:e
608:t
601:v
585:.
564:.
543:.
522:.
479:.
458:.
417:.
343:.
311:.
78:)
59:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
