Treasury Dept. bars 3 S&LsThe Treasury Department...


February 19, 1994

Treasury Dept. bars 3 S&Ls

The Treasury Department announced late yesterday that it had barred three savings and loans in New Jersey and one in Ohio from changing their charters, saying the institutions had not lent enough money to poor people and minority groups.

The Treasury Department's Office of Thrift Supervision took the action under the Community Reinvestment Act. The Reagan and Bush administrations paid relatively little attention to the act, which bankers criticize as interference in their lending decisions.

But the Clinton administration has begun using the largely dormant law for more and more regulatory decisions.

Sega predicts 23% drop in profits

Sega Enterprises Ltd., the aggressive video game maker that eclipsed archrival Nintendo Co. Ltd. in the U.S. market last year, yesterday forecast its first drop in profits in 12 years.

It cited the soaring yen and the recession in Europe, as well as intensified competition in the home video game market.

For the fiscal year that ends March 31, the company said, earnings are likely to fall to $408 million, or nearly 23 percent, from the year before.

Bid made for America West

An investment group led by the chairman of Continental Airlines, David Bonderman, has submitted a bid to gain control of America West Airlines and to help the nation's ninth-largest carrier emerge from bankruptcy protection.

In trying to take over the Phoenix-based carrier, the group will compete against Michael Steinhardt, a New York money manager, who has said he would invest as much as $250 million in the airline.

Scripps Howard's stock rises

Stock of Scripps Howard Broadcasting Co. jumped yesterday, a day after E. W. Scripps Co. offered to buy the remaining 14 percent stake in the company it did not already own.

Scripps Howard stock rose $7, to $82, on the Nasdaq system. At one point it reached $85. E. W. Scripps stock fell 12.5 cents, to $28.625.

Scripps Howard runs television and FM radio stations and cable TV systems. It owns WMAR-TV in Baltimore. E. W. Scripps publishes newspapers, operates radio and TV stations and cable systems.

Bancorp's dividend jumps 5%

Maryland Federal Bancorp Inc. said yesterday it boosted its quarterly dividend 5 percent, to 10.5 cents a share.

The parent of Maryland Federal Savings & Loan Association said the dividend is payable March 11 to shareholders of record March 4.

Maryland Federal Bancorp shares yesterday closed up 25 cents, at $25.25, in Nasdaq trading.


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