July 24, 1990 |
Meritor Savings Bank yesterday reported a loss of $136.8 million in the second quarter as a result of efforts to restore profitability. Meritor, parent of the Philadelphia Savings Fund Society, announced two weeks ago that a loss of $136 million was expected in the quarter because of steps taken to shrink the company's size and get rid of some costly problems. The transactions, said chairman Roger S. Hillas, "improve the outlook for earnings going forward. " During the quarter, federal regulators essentially forgave $112 million owed to the Federal Deposit Insurance Corp.
April 3, 1991 |
Meritor Savings Bank said yesterday it had withdrawn its offer to pay some of its noteholders 24 cents on the dollar for their investments. Thrift officials made the offer in February to improve Meritor's capital position. They also announced they would no longer pay interest on the notes, which were scheduled to come due Sept. 1, 1998. They gave holders of the 12 percent subordinated capital notes until midnight March 28 to accept the offer and stipulated that the proposal would be rescinded unless at least 90 percent of the holders participated in the buyout.
May 28, 2015 |
The Loews hotel chain has tinkered for 15 years to keep the neon PSFS sign aglow on Philadelphia's skyline, but officials said Tuesday they believed the time had come to do away with the old and bring in the new. Arguing that the 83-year-old sign has become too costly and burdensome to maintain, Loews representatives asked the Philadelphia Historical Commission for permission to replace the neon tubes and transformers of the signature red sign...
November 8, 1991 |
Roger Hillas has agreed to extend his contract as chairman and chief executive officer of Meritor Savings Bank through June 1993, adding a year to his term as head of the troubled parent of Philadelphia Savings Fund Society, the bank announced yesterday. Meritor also announced the promotion of two other executives. Louis T. Cullen has been named president and chief operating officer, and Michael T. High has been named executive vice president. Hillas, 64, in charge of Meritor since July 1988, has overseen a dramatic shrinkage of the bank as it tries to recover from a disastrous expansion binge in the mid-1980s.
August 13, 1991 |
Meritor Savings Bank yesterday said it had successfully completed a key financial deal designed both to lower its debt and increase its capital reserves, two measures necessary to fend off a possible takeover by federal regulators. The troubled Philadelphia financial institution said it had redeemed more than 90 percent of a $115 million bond issue floated in 1986, in a tender offer that expired Friday. Meritor, parent of the Philadelphia Savings Fund Society, offered holders of the notes $240 in cash plus 180 shares of common stock for every $1,000 worth of the notes tendered.
December 4, 1992 |
Meritor Savings Bank yesterday said it had sold its last major out-of-town subsidiary, a move that leaves the troubled company with only its main business, the 29-branch Philadelphia Savings Fund Society. Meritor said in a one-paragraph release that it had closed the sale of its Florida-based savings and loan subsidiary, called Meritor Savings FA, to First Union Corp., a commercial bank in Charlotte, N.C., that has been expanding rapidly from Florida to Virginia. First Union paid Meritor $46 million for the savings and loan, which has 29 branches in central Florida and 15 in metropolitan Washington.
May 14, 1992 |
The sale of a subsidiary that Meritor Savings Bank had been counting on to help turn around its sagging fortunes has fallen through for the second time. Meritor said yesterday that an agreement to sell its Florida savings and loan, Meritor Savings FA, had expired. The prospective buyer, a partnership called WMG Holding Co., was "unable to meet certain requirements" of the agreement, the statement said. Meritor announced in December that it had agreed to sell the subsidiary, which includes branches in the Washington area, to WMG Holding for $35 million.
July 10, 1992 |
Shareholders who planned to attend Meritor Savings Bank's annual summer shareholder meeting will have to wait, possibly until fall. Bank officials have postponed the meeting scheduled for July 24 because it has been unable to sell its Florida savings and loan subsidiary. The Philadelphia-based company operates locally as Philadelphia Savings Fund Society. The Florida subsidiary, Meritor Savings FA, was going to be sold this year for $35 million to a group of individual investors called WMG Holding Co. However, the deal fell through partly because the holding company was unable to get necessary federal approvals.
December 6, 1989 |
Yesterday, Meritor Chairman Roger S. Hillas announced that the company had raised one-third of a billion dollars in capital. Yet, after more than two years of restructuring, the company's financial health still was not in hand. Even more restructuring is ahead. Next up, said Hillas, is tackling the problems at the company's 50 branches in Florida and the Washington D.C. area. Then, "by April, we will be in a position to have a viable, ongoing banking institution," he said, adding that profitability should resume on a recurring basis by June.