BANKING/FINANCE
- Share via
No Problem: Heritage Thrift & Loan doesn’t have a serious problem with its loans and doesn’t belong on a list of troubled banks compiled by a national newspaper, according to the Brea institution’s parent company.
Heritage and two other banking institutions were put on USA Today’s roster of 464 institutions that fail to have enough capital and reserves to cover bad loans and other problem assets. Heritage problem assets were 113% of its capital and reserves, the newspaper said.
But the figures the paper used for Heritage were later amended to show that the thrift’s troubled assets were 72.3% of its capital and reserves.
That figure was further reduced by the end of March to 47.9%, according to West Coast Bancorp in Orange, which owns Heritage.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
