Western Savings Reports $153-Million Quarterly Loss
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PHOENIX — Western Savings & Loan Assn. on Friday reported a fourth-quarter loss of $153 million, contrasted with earnings of $4.46 million in the year-earlier quarter.
The company attributed the loss to a $125-million increase in loan-loss reserves, rising interest rates and a soft real estate market in the Southwest.
For the year, the loss was $150 million, contrasted with earnings of $33.41 million the year before.
The company said the loss reduces its regulatory net worth to about $200 million, or 3.5% of liabilities.
Western said it hired investment bankers to help with restructuring and capital-raising efforts. Western said it plans to appoint a new chairman and chief executive next week.
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