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Philadelphia Savings Fund Society

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NEWS
May 28, 2015 | By Maria Panaritis, Inquirer Staff Writer
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...
BUSINESS
July 24, 1990 | By Janet L. Fix, Inquirer Staff Writer
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.
BUSINESS
April 3, 1991 | by Jenice Armstrong, Daily News Staff Writer
Meritor Savings Bank said yesterday it had withdrawn its offer to pay some of its noteholders 24 cents on the dollar for their investments.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subordinated capital notes until midnight March 28 to accept the offer and stipulated that the proposal would be rescinded unless at least 90 percent of the holders participated in the buyout.
BUSINESS
November 8, 1991 | By Andrew Cassel, Inquirer Staff Writer
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.
BUSINESS
August 13, 1991 | By Andrew Cassel, Inquirer Staff Writer
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.
BUSINESS
December 4, 1992 | By Andrew Cassel, INQUIRER STAFF WRITER
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.
BUSINESS
May 14, 1992 | By Andrew Cassel, INQUIRER STAFF WRITER
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.
BUSINESS
July 10, 1992 | by Jenice M. Armstrong, Daily News Staff Writer
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.
BUSINESS
December 6, 1989 | By Sheila Simmons, Daily News Staff Writer
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.
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ARTICLES BY DATE
NEWS
May 28, 2015 | By Maria Panaritis, Inquirer Staff Writer
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...
ENTERTAINMENT
October 20, 2012 | By Inga Saffron, Inquirer Architecture Critic
Philadelphia claims more murals than any other American city and, since this is Mural Arts Month, how about we do a great, big, honking painting on the south side of the PSFS building? Except for those corner windows, which hardly anyone notices anyway, it's a blank space, just crying out for some sizzle. Besides, an audacious mural would enable the city to beat Podunk Omaha, Neb., which currently boasts the nation's largest mural. No, I am not serious - about either the mural or Omaha's merits as a city.
NEWS
March 21, 2006 | By Peter A. Brown
Perhaps you can fight and defeat city hall, or at least the federal government. But it takes a long time and a lot of money. More than 13 years after the feds - in this case the Federal Deposit Insurance Corp. - wrongfully closed Meritor Savings Bank, the nation's first and oldest savings bank, a federal judge in February ordered the government to reimburse shareholders $371.7 million. Not only that, but U.S. Court of Claims Judge Loren A. Smith suggested the shareholders appeal his decision because an additional $402 million might well be due, but it would take an appeals court to write that check.
BUSINESS
July 26, 1996 | By Andrew Cassel, INQUIRER STAFF WRITER
Meritor Savings Bank could have stayed in business and possibly even recovered from financial woes that led government regulators to close it down in 1992, a new study concludes. The report, by a New York investment bank, was commissioned by Meritor shareholders to support their contention that state and federal regulators acted improperly when they seized the 175-year-old savings bank on Dec. 11, 1992. Meritor operated the Philadelphia Savings Fund Society, the nation's oldest savings bank and once the largest bank of its kind.
BUSINESS
June 9, 1995 | By Andrew Cassel, INQUIRER STAFF WRITER
Yes, history does come alive in Philadelphia. Look, for example, at Meritor Savings Bank. The once-mighty parent company of the Philadelphia Savings Fund Society has been history since December 1992, when it was declared insolvent and seized by state and federal bank regulators. In most cases, that would have been the end of the road for the company's stockholders, whose investment thereafter would be suitable for framing or wrapping packages. But not here. Since Meritor's demise, its stock has virtually risen from the dead and continues to walk Wall Street like some sort of cocky apparition.
BUSINESS
September 17, 1994 | By Andrew Cassel, INQUIRER STAFF WRITER
The zombie stock is still flying. Shares of Meritor Savings Bank, defunct parent of the former Philadelphia Savings Fund Society, took off again yesterday after settlement talks were reported between the government and a group of Meritor shareholders. At the end of the day, Meritor shares were quoted at 76 cents each on the Nasdaq Stock Market, up 4 cents. Trading volume was 452,600 shares, double the recent daily average. Pretty good for a company with no net worth, no earnings and no operations - nothing, indeed, but a fabled past and some litigious supporters.
BUSINESS
May 13, 1994 | By Andrew Cassel, INQUIRER STAFF WRITER
Who says Wall Street doesn't perform miracles? Not stockholders in Meritor Savings Bank, who this week have seen their shares rise virtually from the dead. After more than a year with hardly a sign of life, Meritor stock took off dramatically this week in over-the-counter trading. More than 1.3 million shares changed hands in the last three days, as investors bid as much as 27 cents for shares that had cost a nickel each as recently as late last month. The stock traded late yesterday at 24 cents a share, on volume of just under 500,000 shares.
BUSINESS
April 7, 1994 | By Andrew Cassel, INQUIRER STAFF WRITER
It's still a little early to get the wallpaper paste, but prospects appear to be dimming that stock in Meritor Savings Bank will ever be good for something other than room decor. Those who still own stock in Meritor - the defunct parent of the Philadelphia Savings Fund Society - may receive nothing for their shares if the latest estimate by the Federal Deposit Insurance Corp. proves accurate. The FDIC this week projected that it will end up with a loss of about $23.8 million when it finishes liquidating Meritor's assets.
BUSINESS
July 7, 1993 | By Andrew Cassel, INQUIRER STAFF WRITER
Roger Hillas, the last chairman of Meritor Savings Bank before it was seized by regulators, has signed up to help the company that took over Meritor's franchise here - Mellon Bank Corp. Hillas said yesterday he had joined the regional board of directors of Mellon PSFS, the Pittsburgh bank's operating division in the Philadelphia area. He will be one of 10 local business executives who meet eight times a year and advise Mellon "on key business issues and local market needs, including community reinvestment," according to Mellon spokesman Tom Butch.
BUSINESS
May 4, 1993 | By Andrew Cassel, INQUIRER STAFF WRITER
As he promised to do last year, a major shareholder of the failed Meritor Savings Bank has sued the federal government for its role in the takeover of the longtime Philadelphia institution. Radnor investor Frank Slattery charges in a suit filed in Washington that the Federal Deposit Insurance Corp. broke a 10-year-old contract with Meritor when the bank, which operated as the Philadelphia Savings Fund Society, was seized in December. If the U.S. Court of Claims agrees, the federal government could end up owing Meritor stockholders several hundred million dollars.
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