In 1988 it was the largest thrift failure and the federal government's costliest resolution during the savings and loan crisis at an estimated cost of $5.4 billion.
[2] It was owned by Irvine, California based Financial Corporation of America (FCA).
First Charter was the parent company of American Savings & Loan, and was controlled by real estate developer Mark Taper.
Foster Fluetsch were forced out of the thrift by regulators in August 1984 and Bill Popejoy took over as chairman.
They invested $500 million total over three years, and the federal governments contributed $1.7 billion.
[2] Washington Mutual failed in 2008 and was acquired by JP Morgan Chase Bank.