Great Western Posts Loss After One-Time Assessment
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Great Western Financial Corp. reported a $39.9-million third-quarter loss after paying a one-time federal deposit insurance assessment--its share of an industrywide recapitalization of the national thrift deposit insurance fund.
The $188-million assessment is the final payment for the cleanup from the savings and loan crisis. Thrifts agreed to the provision because it keeps banks and savings and loans paying the same insurance rates. Great Western said its future deposit insurance premiums would be substantially reduced.
In the third quarter that ended Sept. 30, 1995, Great Western earned $68.5 million.
Great Western’s nine-month profit fell 32% from a year earlier, to $110.7 million from $162.5 million.
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