Citadel Shows Quarterly Loss of $15.2 Million
Citadel Holding Corp., the Glendale-based parent of Fidelity Federal Bank, reported a loss of $15.2 million for the second quarter ended June 30, primarily a result of its increased provisions for future losses on loans and foreclosed real estate.
A year before, Citadel had net income of $4.5 million.
The thrift holding company’s six-month loss totaled $15.1 million, in contrast to a $10.5-million profit in the same period in 1992.
“The additional loss provisions taken in the second quarter were a necessary and deliberate response by our institution to address the continued negative impact of the depressed real estate market and economy in Southern California,†said Richard M. Greenwood, Citadel’s president and chief executive.
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