FDI NEWS RELEASEFEDERAL DEPOSIT INSURANCE CORPORATION
FOR IMMEDIATE RELEASE PR-148-89 (7-27-89)
FDIC IS NAMED MANAGING AGENT OF NINE
ADDITIONAL SAVINGS AND LOAN INSTITUTIONS
The Federal Deposit Insurance Corporation {FDIC) was named managing agent
by the Federal Savings and Loan Insurance Corporation (FSLIC) for nine
additional savings and loan institutions under the joint regulatory oversight
program announced by President Bush in February. The institutions are located
in Arkansas (1), Louisiana (2), Michigan (1} and Texas (5). A total of 253
savings and loans in 33 states are now enrolled in the program.
The insolvent institutions were placed in receivership and issued new
federal charters by the Federal Home Loan Bank Board before being entered into
the joint regulatory oversight program. They are: Capital Savings and Loan
Association, West Helena, Arkansas; Lafayette Savings and Loan Association,
Gretna, Louisiana; Commercial Federal Savings Bank, Hammond, Louisiana;
Guaranty Federal Savings Bank, Taylor, Michigan; Capitol City Savings
Association, Austin, Texas; Federal Savingsbanc of the Southwest, Kilgore,
Texas; New Braunfels Savings and Loan Association, New Braunfels, Texas;
Hallmark Savings Association, Plano, Texas; and North American Savings
Association, San Antonio, Texas.
All deposits, offices and certain liabilities of these institutions were
transferred to the nine newly chartered federal mutual associations, whose
names are, respectively: Capital Federal Savings and Loan Association;
Lafayette Savings and Loan Association, F.A.; Commercial Savings and Loan
Association, F.A.; New Guaranty Federal Savings and Loan Association;
Capitol City Federal Savings Association; Federal Savings Association of
the Southwest; New Braunfels Savings and Loan Association, F.A.; Hallmark
{more}
FEDERAL DEPOSIT INSU..RANCE CORPORATION, 550 Seventeenth St., N.W., Washington, D.C. 20429 • 202-898-6996
FOR IMMEDIATE RELEASE PR-148-89 (7-27-89)
FDIC IS NAMED MANAGING AGENT OF NINE
ADDITIONAL SAVINGS AND LOAN INSTITUTIONS
The Federal Deposit Insurance Corporation {FDIC) was named managing agent
by the Federal Savings and Loan Insurance Corporation (FSLIC) for nine
additional savings and loan institutions under the joint regulatory oversight
program announced by President Bush in February. The institutions are located
in Arkansas (1), Louisiana (2), Michigan (1} and Texas (5). A total of 253
savings and loans in 33 states are now enrolled in the program.
The insolvent institutions were placed in receivership and issued new
federal charters by the Federal Home Loan Bank Board before being entered into
the joint regulatory oversight program. They are: Capital Savings and Loan
Association, West Helena, Arkansas; Lafayette Savings and Loan Association,
Gretna, Louisiana; Commercial Federal Savings Bank, Hammond, Louisiana;
Guaranty Federal Savings Bank, Taylor, Michigan; Capitol City Savings
Association, Austin, Texas; Federal Savingsbanc of the Southwest, Kilgore,
Texas; New Braunfels Savings and Loan Association, New Braunfels, Texas;
Hallmark Savings Association, Plano, Texas; and North American Savings
Association, San Antonio, Texas.
All deposits, offices and certain liabilities of these institutions were
transferred to the nine newly chartered federal mutual associations, whose
names are, respectively: Capital Federal Savings and Loan Association;
Lafayette Savings and Loan Association, F.A.; Commercial Savings and Loan
Association, F.A.; New Guaranty Federal Savings and Loan Association;
Capitol City Federal Savings Association; Federal Savings Association of
the Southwest; New Braunfels Savings and Loan Association, F.A.; Hallmark
{more}
FEDERAL DEPOSIT INSU..RANCE CORPORATION, 550 Seventeenth St., N.W., Washington, D.C. 20429 • 202-898-6996
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Savings and Loan Association, F.A.; and North American Federal Savings
Association.
The Bank Board said today's action was taken to conserve the associations'
assets. The nine newly chartered institutions did not assume any obligations
to stockholders or subordinated debtholders of the insolvent thrifts.
The joint regulatory oversight teams headed up by the FDIC also include
staff from the Federal Home Loan Bank Board, the Federal Savings and Loan
Insurance Corporation, the Office of the Comptroller of the Currency and the
Federal Reserve System.
As with the 244 institutions previously enrolled in the program, the teams
will work to minimize operating losses, limit growth and ensure that
operations are conducted in a safe and sound manner. As managing agent for
the thrifts in the joint regulatory program, the FDIC works to conserve assets
and preserve banking services to deposit and loan customers until Congress
approves funding to structure a permanent resolution to the institutions'
problems.
Statistics related to the savings and loan institutions involved in
today's actions are shown in the following table.
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Savings and Loan Association, F.A.; and North American Federal Savings
Association.
The Bank Board said today's action was taken to conserve the associations'
assets. The nine newly chartered institutions did not assume any obligations
to stockholders or subordinated debtholders of the insolvent thrifts.
The joint regulatory oversight teams headed up by the FDIC also include
staff from the Federal Home Loan Bank Board, the Federal Savings and Loan
Insurance Corporation, the Office of the Comptroller of the Currency and the
Federal Reserve System.
As with the 244 institutions previously enrolled in the program, the teams
will work to minimize operating losses, limit growth and ensure that
operations are conducted in a safe and sound manner. As managing agent for
the thrifts in the joint regulatory program, the FDIC works to conserve assets
and preserve banking services to deposit and loan customers until Congress
approves funding to structure a permanent resolution to the institutions'
problems.
Statistics related to the savings and loan institutions involved in
today's actions are shown in the following table.