FDICi NEWS RELEASEFEOEIAL DEPOSIT INSURANCE CORPORATION
FOR IMMEDIATE RELEASE PR-153-89 (8-1-89)
FDIC IS NAMED MANAGING AGENT OF
CAPROCK SAVINGS AND LOAN ASSOCIATION, LUBBOCK, TE.<AS
The Federal Deposit Insurance Corporation (FDIC) today was named managing
agent by the Federal Savings and Loan Insurance Corporation (FSLIC) for
Caprock Savings and Loan Association, Lubbock, Texas, under the joint
regulatory oversight program announced by President Bush in February. A total
of 254 savings and loans in 33 states are now enrolled in the program.
Caprock Savings and Loan Association was placed in receivership and issued
a new federal charter by the Federal Home Loan Bank Board before being entered
into the joint regulatory oversight program. All deposits, offices and
certain liabilities of Caprock were transferred to Caprock Federal Savings and
Loan Association, a newly chartered federal mutual association.
The Bank Board said today's action was taken to conserve the association's
assets. The newly chartered institution did not assume any obligations to
stockholders or subordinated debtholders of the insolvent thrift.
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 253 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
(more)
FEDERAL DEPOSIT INSURANCE CORPORATION. 55(} 5':>v1>nt1>1>nth St. NW Wi,chinnt""" n ,-. '>l'\il?O ,. -,n?.Ao1u::~
FOR IMMEDIATE RELEASE PR-153-89 (8-1-89)
FDIC IS NAMED MANAGING AGENT OF
CAPROCK SAVINGS AND LOAN ASSOCIATION, LUBBOCK, TE.<AS
The Federal Deposit Insurance Corporation (FDIC) today was named managing
agent by the Federal Savings and Loan Insurance Corporation (FSLIC) for
Caprock Savings and Loan Association, Lubbock, Texas, under the joint
regulatory oversight program announced by President Bush in February. A total
of 254 savings and loans in 33 states are now enrolled in the program.
Caprock Savings and Loan Association was placed in receivership and issued
a new federal charter by the Federal Home Loan Bank Board before being entered
into the joint regulatory oversight program. All deposits, offices and
certain liabilities of Caprock were transferred to Caprock Federal Savings and
Loan Association, a newly chartered federal mutual association.
The Bank Board said today's action was taken to conserve the association's
assets. The newly chartered institution did not assume any obligations to
stockholders or subordinated debtholders of the insolvent thrift.
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 253 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
(more)
FEDERAL DEPOSIT INSURANCE CORPORATION. 55(} 5':>v1>nt1>1>nth St. NW Wi,chinnt""" n ,-. '>l'\il?O ,. -,n?.Ao1u::~
-2-
approves funding to structure a permanent resolution to the institutions'
problems.
As of March 31, 1989, Caprock Savings and Loan Association had assets of
$457 million and deposits of $414 million in ~2,733 accounts.
#####
approves funding to structure a permanent resolution to the institutions'
problems.
As of March 31, 1989, Caprock Savings and Loan Association had assets of
$457 million and deposits of $414 million in ~2,733 accounts.
#####