Valley Federal S&L;’s Loss Narrows to $2.55 Million
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Valley Federal Savings & Loan reported a $2.55-million loss for the second quarter of 1989, compared with a $4.65-million loss a year earlier.
The struggling Van Nuys-based thrift said its loss for the first half of 1989 totaled $2.38 million. In the comparable year-earlier period, Valley Federal lost $3.26 million. As of June 30, its assets totaled $3.37 billion.
Valley Federal blamed its latest losses on rising interest rates, which increased its costs of obtaining funds for lending, and on continued losses at its All Valley Acceptance unit, which provides financing for manufactured housing.
For the three-month and six-month periods preceding June 30, All Valley Acceptance lost $4.9 million pretax and $8.7 million pretax, the company said.
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