Citadel Holding to Report Loss for 9-Month Period
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Citadel Holding Corp., the Glendale-based parent of Fidelity Federal Bank, said it will post a loss for the first nine months of this year because it is adding $39 million to its loan-loss reserves to reflect the “continuing deterioration in the Southern California real estate market.”
The addition to Citadel’s “general valuation allowance” for loan and real estate losses will lower the thrift’s third-quarter results by $22.6 million after taxes, causing the net loss for the nine months ending Sept. 30, Citadel said. In the six months that ended June 30, Citadel recorded a $10.5-million profit.
In the year-earlier third quarter, Citadel lost $32.7 million after taking a loan-loss provision of $40.4 million, and Citadel lost $21.2 million in the first nine months of 1991.
Despite the latest charges, Citadel said it continues to exceed all minimum capital requirements for thrifts as set by regulators.
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