Gibraltar Savings and Loan

Gibraltar Savings and Loan Association was an American bank operating in California, Washington, and Florida. It was organized as a savings and loan and failed in 1989.

Overview edit

Its headquarters building at 9111 Wilshire Boulevard in Beverly Hills, was built in 1958, designed by William Pereira.

U.S. federal regulators seized assets of the bank in 1989.[1] Its assets included $13.4 billion and the Los Angeles Equestrian Center, later transferred to Del Ray, a Burbank-based development firm.[1][2] At the time, it was one of the largest insolvencies in U.S. history. It was later acquired by Security Pacific National Bank, then the fifth largest bank in the United States.[1]

References edit

  1. ^ a b c Security Pacific Wins Gibraltar Savings Bid, by Richard W. Stevenson, The New York Times, Thursday, June 28, 1990
  2. ^ Horrace A. Laffaye, Polo in the United States: A History, MacFarland & Company, 2011, p. 230
  • Two savings units with large losses taken over by U.S. New York Times April 1, 1989 [1]
  • Ex-Gibraltar S&L Chief Fixes Blame : Thayer Says Money Brokers Caused Liquidity Problems Los Angeles Times April 4, 1989 [2]
  • The Rock In Pieces : How Gibraltar Savings Made a Mess of Itself, Ending Up in the Hands of Federal Regulators Los Angeles Times April 16, 1989 [3]
  • Gibraltar To Sell Off Portfolio New York Times June 3, 1989 [4]
  • Gibraltar Thrifts' Loss Hits $337.5 Million in Quarter Los Angeles Times August 26, 1989 [5]
  • Drexel's Junk Network : U.S. Says the Firm Had Some Local S&Ls on Very Sweet Strings Los Angeles Times November 16, 1990 [6]
  • RTC Files Suit Against Nine Ex-Officials of Gibraltar Savings AP News Archive October 2, 1992 [7]