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CRESTLINE BUILDING & LOAN PLACED IN GOVERNMENT HANDS

 WASHINGTON, Nov. 20 ~PRNewswire~ -- The Office of Thrift Supervision (OTS) today placed The Crestline Building & Loan Association, Crestline, Ohio, in receivership and chartered a new federal mutual institution to take its place.
 The new institution, The Crestline Federal Savings and Loan Association, will assume certain assets and liabilities of the old thrift, and will operate in conservatorship under the management of the Resolution Trust Corporation.
 The receivership did not result in any interruption of Crestline Federal's day-to-day operations. The institution will remain open for business as usual. Holders of insured accounts are not affected by the action, which was taken by OTS to protect insured depositors and the interests of the thrift insurance fund. Deposits remain insured to the $100,000 legal limit.
 OTS initiated the action because Crestline was operating in an unsafe and unsound condition in that it had insufficient capital, with no reasonable prospect of replenishment without federal assistance.
 Crestline's condition is due primarily to the establishment of substantial loss reserves against poorly underwritten loans originated under former senior management. Net loss was $3.6 million for the fist six months of 1992. As of June 30, assets of $8.9 million, or 29.2 percent of total assets, were classified as substandard, doubtful or loss.
 The Crestline Building & Loan Association was a state-chartered stock institution. Shareholders will retain no interest in the new thrift.
 As of June 30, 1992, The Crestline Building & Loan Association reported assets of $30.6 million, liabilities of $31.9 million and tangible capital of negative $1.3 million, for a tangible-capital-to- tangible-assets ratio of negative 4.23 percent.
 -0- 11~20~92
 ~CONTACT: Diana Januska, 312-565-5307, or Thomas P. Mason, 202-906-6677, both of the Office of Thrift Supervision~


CO: Office of Thrift Supervision; The Crestline Building & Loan
 Association ST: Ohio IN: FIN SU:


TW-KD -- DC025 -- 0076 11~20~92 18:32 PST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:311
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