FEATURED ARTICLES
NEWS
February 22, 1987 | By Vanessa Herron, Inquirer Staff Writer
A special force has mobilized in the basement of Downingtown Savings & Loan Association on Route 30. There, about 25 temporary employees are answering telephones, addressing envelopes and learning financial facts by heart - all in preparation for a landmark in the S&L's 65-year history. It is seeking to switch from mutual ownership to stock ownership. In the stock conversion, Downingtown will offer one million shares for $6.80 to $9.20 each, raising up to $9.2 million in capital earmarked for new branches and services.
BUSINESS
October 23, 1990 | By Tom Webb, Inquirer Washington Bureau
Accusing him of "insatiable vanity and greed," thrift regulators yesterday ordered Miami businessman David Paul to repay $30 million they say he plundered from Florida's CenTrust Bank. Paul, ex-chairman of CenTrust, surrounded himself with a $29 million collection of rare paintings, 24-karat gold-leafed ceilings and even gold- plated plumbing fixtures - partly financed, regulators allege, from the vaults of the now-insolvent Miami savings and loan. Paul's extravagance "exceeds virtually anything this agency has encountered before," said Faith Hochberg, a top attorney for the Office of Thrift Supervision.
BUSINESS
May 5, 1989 | By Kevin Haney, Daily News Staff Writer
The company that controls a Northeast Philadelphia savings and loan filed suit this morning to force its own sale to a Wilmington banking company that has backed off from an earlier $28.8 million purchase agreement. Diversified Investment Group, which owns Fidelity Federal Savings & Loan Association, said it filed the lawsuit in U.S. District Court to force the Wilmington company, Star States, to go through with the deal on the terms reached in August. Diversified said in a prepared statement that Star States has told the bank it won't complete the deal.
BUSINESS
May 10, 1990 | By David Willman, Inquirer Washington Bureau Robert A. Rankin of The Inquirer Washington bureau contributed to this article
Charles H. Keating Jr., whose lavish campaign donations and ownership of a now-bankrupt savings and loan have made his name synonymous with the national thrift crisis, yesterday said he was broke and in danger of losing his house. During an occasionally emotional appearance at the National Press Club, Keating predicted that the national S&L crisis would spread to commercial banks. "This is one of the most ridiculous, obscene situations in the history of America," said Keating, who is accused by the federal government in a $1.1 billion civil racketeering suit of looting the assets of Lincoln Savings & Loan Association in Orange County, Calif.
BUSINESS
June 15, 1990 | By Robert A. Rankin, Inquirer Washington Bureau
Political skirmishing broke out yesterday over who should be blamed for the mushrooming costs of the savings-and-loan bailout. Treasury Secretary Nicholas F. Brady teamed with Housing Secretary Jack Kemp to defend the Bush administration from assaults by Democrats on the House Banking Committee. Democrats sense a chance to profit from escalating public outrage, not least because Brady now concedes that the bailout will cost almost twice as much as the administration estimated last year.
BUSINESS
June 20, 1986 | The Inquirer staff
Tri-County Savings & Loan Association of Maple Shade reported yesterday a preliminary, unaudited loss of $7 million for the year ended Dec. 31. The company, which had a profit of $352,000 in 1984, said the loss included a provision for loan losses of at least $9.5 million related to loans secured by second mortgages on condominium units across the nation. The company said these loans were nonperforming, which means interest payments have ceased or are being met at reduced levels.
NEWS
July 7, 1986 | By David Lieber, Inquirer Staff Writer
Hatboro is a small town, and it is not easy to keep a secret. But for the last six weeks, the directors and employees of the Hatboro Federal Savings & Loan Association kept a very big secret. They were throwing a surprise party for Myron Thomas, president of Hatboro Federal Savings & Loan, in honor of his 40 years with the institution and his July 4 birthday. When Thomas walked into a Doylestown restaurant Tuesday night for what he thought was a private dinner, somebody called out "Happy Birthday," and Thomas saw 50 people - his directors and employees - looking at him and beaming.
NEWS
September 24, 1991 | by Kurt Heine, Daily News Staff Writer
In the underworld of Philadelphia banking yesterday, robbers enjoyed the thrill of victory and the agony of defeat. Mr. Victory hit the Constitution Bank at 11th and Walnut streets a little before 10:30 a.m. He handed a teller a note demanding 10s and 20s, collected $496 and fled. Mr. Defeat went calling at the Polonia Federal Savings and Loan Association branch on Allegheny Avenue near Edgemont Street in Port Richmond a little before 3 p.m. He didn't say anything; nor did he present a note.
NEWS
September 9, 1990 | By DAVID S. BRODER
Back in January, when his name was first becoming familiar to the American public as a central figure in the savings-and-loan scandals, Charles L. Keating Jr. mounted a public-relations campaign as expansive as his financial dealings. The boss of Lincoln Savings and Loan and its parent company, American Continental Corp. (ACC), the man who poured thousands of dollars into the campaign treasuries of the "Keating Five" senators, was all over TV. Far from being responsible for fraud that would cost the taxpayers $2 billion, as the government alleged, Keating insisted he was the innocent victim of overzealous, incompetent regulators who had illegally taken a profitable business operation away from him and run up record losses.
NEWS
July 25, 1990 | By Charles Green and Mike Sante, Inquirer Washington Bureau
Convicted savings and loan executives whose fraudulent business practices are costing taxpayers billions of dollars have paid only a tiny fraction of their court-ordered restitutions, Attorney General Dick Thornburgh said yesterday. He told the Senate Judiciary Committee that convicted thrift executives in northern Texas, the center of the savings and loan scandal, have paid only about $24,000 of the $11.4 million in restitution imposed by judges since 1988. Thornburgh gave no figures on payments of the $56.6 million in restitution ordered nationwide, but he held out little hope that the money that is collected would go very far in paying for the savings and loan bailout.
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ARTICLES BY DATE
NEWS
June 14, 2011
Dear Harry: My mother had to downsize from a five-room apartment to a single room in a retirement community. While we going over her papers, we discovered a passbook that she and my father had in State College Federal Savings and Loan. The last entry was for interest for 1982. My father died in 1983, and my mother has no recollection of the account. It had more than $1,000 in it. I have tried very hard to find out what happened to this S&L, but I have gotten nowhere. I have called a number of financial institutions up at State College and some with similar names, but have nothing.
LIVING
January 13, 2010 | By Barbara Evans Sorid FOR THE INQUIRER
Mario Salvatore still finds fun, friends, and emotional solace playing seven-card stud. But the game is suffering the passage of time, much like Salvatore himself. The 85-year-old, a South Philadelphia native who now lives a stone's throw from the Atlantic City Boardwalk, is one of a fiercely loyal but shrinking group of stud poker players, mostly seniors, who hold court almost daily in the poker room at the Trump Taj Mahal, the only casino in town where you can count on a regular game.
NEWS
September 23, 2008 | By Robert H. Dugger
This week, Congress is expected to commit hundreds of billions of taxpayer funds to a revitalization program to halt our financial hemorrhaging. Twenty years ago, in the midst of another financial crisis, I was part of a banking industry effort to solve the savings-and-loan problem. The result of that effort was the Resolution Trust Corp., which, under Bill Seidman's masterful leadership, cleaned up the S&L mess in 48 months. The situation then was very different. The S&L problem involved only one sector of the economy and was just 3 percent of gross domestic product.
ENTERTAINMENT
June 25, 2006 | By Stephan Salisbury INQUIRER CULTURE WRITER
It all began innocently enough when Adam Siegel, a development director at the Yiddish Book Center in Amherst, Mass., took a swing through Philadelphia earlier this year to say hello to several donors, including one who lived in an old Germantown house. Siegel had no idea what to expect when he rang Paul G. Shane's bell, but when Shane invited him in, Siegel felt almost disoriented with excitement. "It was like entering a lost world," he said later. "I felt like Howard Carter looking into King Tut's tomb.
BUSINESS
May 1, 2004 | By Ken Moritsugu INQUIRER WASHINGTON BUREAU
As the U.S. economy picks up, Alan Greenspan's vaunted reputation is on the line again. The chairman of the Federal Reserve nursed the economy through recession and two wars by dropping interest rates to extremely low levels. Now he faces the tricky task of raising rates without undermining the recovery by suddenly popping what some analysts believe are bubbles in the housing and bond markets. Inflation is the wild card. The economy grew at a healthy 4.2 percent annual clip in the first three months of the year, the Commerce Department reported Thursday.
BUSINESS
April 14, 2003 | By Henry J. Holcomb INQUIRER STAFF WRITER
Elmer F. "Bud" Hansen, a highflier until the collapse of the real estate industry in the early 1990s, is building again. His first big project in a decade - a $30 million conference center, restaurant and hotel complex called Normandy Farm - is to open in June. "I should say it will open then if it quits raining long enough," Hansen added last week as he sloshed through the project, at the northwest corner of Route 202 and Morris Road in suburban Blue Bell. In the late 19th century, the farm was the retreat of William Singerly, publisher of the old Philadelphia Record newspaper.
SPORTS
March 3, 2001 | By Janet Paskin INQUIRER SUBURBAN STAFF
The Shawnee boys' basketball team knew that it would face Cherry Hill East's notorious slowdown offense in the South Jersey Group 4 semifinal last night and that the pace would keep the score low. But it didn't know that its accuracy would keep the game close. After an excruciating first half, the Renegades pushed through the molasses and got their shooting touch back just long enough to eke out a 35-32 victory. The Cougars, who would be more aptly named the Pacers, kept the game down tempo from the start.
NEWS
August 31, 2000 | By Christopher Merrill, INQUIRER SUBURBAN STAFF
Defense attorney took on a new meaning recently in Phoenixville when Borough Solicitor Glenn Diehl bare-knuckled a man who he said attacked him. The fisticuffs followed a District Court decision dismissing a $300 fine that the borough imposed on Phoenixville Federal Savings & Loan. The borough said the S&L had not maintained a property on Mill Street. After the ruling, according to those involved, Diehl and Mark Evans, the S&L's senior vice president, left the courtroom and briefly exchanged words about the decision by District Justice Theodore Michael.
ENTERTAINMENT
May 28, 1999 | By Steven Rea, INQUIRER MOVIE CRITIC
It's deja vu all over again in The Thirteenth Floor, a handsomely noirish thriller in which the refrain "What is real?" is repeated by folks busily jacking into computers and sending their minds into otherworldly orbits. Like The Matrix and Existenz (and the recent Spanish import Open Your Eyes, too), The Thirteenth Floor is a Chinese box of virtual-reality mind games. Toggling between a sleek, modern-day Los Angeles and a Chandler-town 1930s version, the film - adapted from the '60s sci-fi novel Simulacron 3, by Daniel F. Galouye - is less action-y than The Matrix, less self-consciously brainy than Existenz, and, well, less interesting than both.
NEWS
November 7, 1998 | By Larry Lewis, INQUIRER STAFF WRITER
The onetime proprietor of the Family Chicken Shack in Camden was sentenced yesterday to six years in federal prison for borrowing more than $500,000 from a South Jersey savings and loan under fictitious names. Kyung Won Lee, 51, now a resident of the 1500 block of Seagull Drive in Palm Harbor, Fla., was convicted on July 28 by a federal jury in Camden of three counts of bank fraud. U.S. District Judge Stephen M. Orlofsky yesterday sentenced Lee to two years on each of the convictions, and directed that the terms be served consecutively.
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