Albion Federal Savings and Loan Association enters into Supervisory Agreement.ALBION, N.Y.--(BUSINESS WIRE)--July 27, 1995--Albion Banc Corp, Albion, N.Y. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap:ALBC) Thursday announced that its wholly-owned subsidiary, Albion Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , has entered into a Supervisory Agreement with the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. ("OTS"), its primary federal regulator, in connection with the Association's latest OTS examination. The agreement requires the Association to develop policies and procedures primarily relating to its internal operations. The company noted that many of the policies and procedures have already been developed and implemented. Albion Banc Corp. is a savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. holding company headquartered in Albion. The deposits of the Association are insured by the FDIC up to applicable limits. CONTACT: Albion Banc Corp., Albion Jeffrey S. Rheinwald, President, 716/589-5501 |
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