Gibraltar Savings and Loan

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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 04, 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]