Former Treasury Secretary William E. Simon’s investor...
Former Treasury Secretary William E. Simon’s investor group has completed its acquisition of Western Federal Savings & Loan of Los Angeles, a healthy institution, and of Bell Savings & Loan of San Mateo, which is insolvent. The two S&Ls;, which have assets totaling $4.3 billion, were acquired by WestFed Holdings of San Francisco, a holding company owned by Simon, his children and five others. The Federal Savings and Loan Insurance Corp. is providing help valued at about $565 million in connection with the acquisition of Bell.
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