Write-Offs, Loan Losses at Citadel Set at $8.1 Million
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Citadel Holding Corp., the Glendale holding company for Fidelity Federal Bank, announced that it would take a total of $8.1 million in write-offs and increased loan-loss reserves against its third quarter income.
The after-tax effect of the write-offs would lower net income by $4.9 million, the S&L; holding company said.
Citadel attributed $2.1 million in write-offs to the company’s aborted plans to take over Van Nuys-based Valley Federal Savings, and the remaining $6 million to increases in its loan-loss reserves. Citadel did not provide reasons for the increase in those reserves.
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