The long career of John N. Brincat at Mercury Finance Co. has come to an end.
The subprime auto lender said Friday that Mr. Brincat, formerly its chief executive officer, had resigned as a director and employee as of last Dec. 1. Mercury added that Mr. Brincat has voluntarily agreed to repay certain bonus amounts for 1994, 1995, and 1996.
Mr. Brincat, who took over Mercury in 1985 when it was a part of First Illinois Finance Co., resigned as chief executive Feb. 3, 1997, after it was revealed that the company had overstated earnings for several years. Mr. Brincat was paid bonuses based on the company's earnings.
Ahmanson Wraps Up Coast Savings Deal
IRWINDALE, Calif.-H.F. Ahmanson & Co. closed its $900 million purchase of Coast Savings Financial Inc. on Friday.
The stock deal, announced last October, received approval from the Office of Thrift Supervision Thursday and was then approved by Coast's shareholders.
Ahmanson, parent company of Home Savings of America, now has assets of $56 billion and deposits of $38.7 billion. It will operate 403 branches in California, Florida, and Texas after it consolidates 52 overlapping Home Savings and Coast branches in early March.
Coast's chairman, Ray Martin, will join Ahmanson's board of directors.