Lincoln S&L; Posts Loss of $1 Billion for Year
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Lincoln Savings & Loan Assn. of Irvine has reported a fourth-quarter loss of $127.5 million, bringing its loss for 1989 to $1 billion.
The S&L;, which was seized in April by federal regulators, said its assets at year-end were $2.9 billion, down from $5.3 billion in 1988.
The failure of the thrift, formerly owned by American Continental Corp., a Phoenix real estate development firm controlled by Charles J. Keating Jr., could cost the government more than $2 billion.
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