BANKING & FINANCE - Jan. 25, 1994
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CalFed Records Loss: As expected, California Federal Bank reported a $53.7-million fourth-quarter loss and a $145.5-million loss for all of 1993. The red ink was caused by continued write-downs of the value of CalFed’s problems loans and foreclosures, owing to California’s troubled real estate markets. The thrift set aside $60 million in loan loss provisions for the quarter and took nearly $250 million in charge-offs for the entire year. Bright spots were lower administrative costs in 1993 and a reduction in bad loans.
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