Feds Take Over 38 More S&Ls With AM-S&Ls Bjt
WASHINGTON (AP) _ Federal regulators took over 38 more savings and loan associations in eight states Thursday, bringing the total under government control to 215 in 31 states.
The institutions - in California, Colorado, Iowa, Illinois, Kansas, Missouri, Mississippi and Texas - were the latest to be taken over in a program being administered by the Federal Deposit Insurance Corp.
The FDIC, which regulates commercial banks, is going into the sickest S&Ls with the goal of minimizing losses until Congress appropriates the money to shut them down or sell them to new owners.
The first legislative votes were taken on the S&L bailout legislation on Thursday when members of a House Banking subcommittee began considering 165 proposed amendments.
The FDIC began the takeover program at the direction of President Bush on Feb. 7 and plans to assume control of 17 more institutions within the next few weeks.
In announcing the latest S&L takeovers on Thursday, the FDIC emphasized that the institutions will remain open as usual and that all deposits are guaranteed up to the $100,000 insurance limit.
The FDIC said that the regulatory oversight teams being put into the institutions would work to minimize operating losses and ensure that the institutions were operated in a safe and sound manner.
The largest of the 38 institutions taken over on Thursday was Murray Savings Association of Dallas with assets of $1.44 billion at the end of 1988. Of the institutions handled Thursday, 12 were located in California and 11 in Texas.
The 38 institutions included:
CALIFORNIA: Cabrillo Savings Bank, Hayward; Founders Savings and Loan Association, Los Angeles; Royal Oak Savings and Loan Association, Manteca; Unified Savings Association, Northridge; City Federal Savings and Loan Association, Oakland; First California Federal Savings Association, Orange; Arrowhead Pacific Savings Bank, San Bernardino; Gateway Savings Bank, San Francisco; Perpetual Savings Association, Santa Ana; Washington Savings sand Loan Association, Stockton; Independence Savings and Loan Association, Vallejo; City Savings and Loan Association, Westlake Villa.
COLORADO: American Federal Savings and Loan Association of Colorado, Denver; Equity Federal Savings Bank of Denver.
IOWA: Sioux Valley Savings and Loan Association, Cherokee; 1st Federal Savings and Loan Association of Estherville and Emmetsburg.
ILLINOIS: First Federal Savings and Loan Association, East Alton; Libertyville Federal Savings and Loan Association, Libertyville.
KANSAS: First of Kansas Banking and Savings Association, Mays.
MISSOURI: First Federal Savings and Loan Association of Southeast Missouri, Cape Girardeau; Cass Federal Savings and Loan Association of St. Louis, Florissant; Financial Federal Savings and Loan Association, Joplin.
MISSISSIPPI: Fidelity Federal Savings Bank, Corinth; Delta Federal Savings and Loan Association, Drew; Central Savings and Loan Association, Jackson; State Mutual Federal Savings and Loan Association, Jackson; Republic Bank for Savings; Jackson.
TEXAS: Meridian Savings Association, Arlington; American Federal Savings Bank, Austin; Bedford Savings Association, Bedford; Golden Circle Savings Association, Corsicana; Murray Savings Association, Dallas; Park Cities Savings Association, Dallas; Resource Savings Association, Denison; Meritagebanc Savings Association, Duncanville; Centennial Savings Bank, Greenville; Excel Banc Savings Association, Laredo; Central Texas Savings and Loan Association, Waco.