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Anchorage S&Ls die.

Anchorage S&Ls Die.

In January, federal regulators closed and auctioned off Anchorage's only two savings and loan associations, First Federal Bank and Home Savings Bank. The Resolution Trust Corp., the federal bank agency created by Congress to manage and dispose of such failed institutions, had assumed management of the banks 10 months previous. But the agency found them insolvent, with liabilities far in excess of assets.

RTC paid First National Bank of Alaska $92 million to assume all assets and liabilities of First Federal, including the bad loans. Because RTC received no acceptable bids for an all-out purchase of Home Savings, it sold only the deposits and kept all loans. Security Pacific Bank - an affiliate of Security Pacific Corp., the nation's fourth largest banking company - paid $582,000 for Home's $63 million in deposits.

First National closed First Federal's offices, assuming the bank's business into its own branches and entered negotiations to buy the former bank's Homer branch. Security added Home's two offices in Wasilla and Anchorage to its branch system.
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Title Annotation:savings and loans associations, First Federal Bank, Home Savings Bank
Author:Manna, Victor
Publication:Alaska Business Monthly
Date:Mar 1, 1990
Words:172
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