FCA Stock Falls in Heavy Trading
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Financial Corp. of America’s stock took a pounding Tuesday, falling $1 to close at $4.50 a share, its lowest level in nearly three years.
Volume was 1.9 million shares, among the day’s heaviest on the New York Stock Exchange. Company officials attributed the plunge to recent news reports that Irvine-based FCA, the parent company of American Savings & Loan, may be acquired without compensation to its present shareholders.
“They’re concerned about (their investments) being wiped out,” a company spokesman said. Company officials insist that talks about a possible sale are still in the preliminary stages.
Ford Motor Co. and a private investor group led by former U.S. Treasury Secretary William E. Simon have emerged in recent weeks as the leading contenders to acquire FCA. American Savings needs more than $1 billion in capital to meet savings and loan regulatory standards.
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