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Crossland Bank re-emerges.

Crossland Bank re-emerges

Crossland Savings F.S.B., was reborn as Crossland Federal Savings on Jan. 24, and is now owned by the FDIC. Last July, the government began seeking another party to take over the bank but failed to find a buyer.

According to James R. Kerr, first senior vice president of Crossland, the government was in negotiations for a number of months, and decided the least costly and effective way to keep the bank running was to infuse 1.2 billion into the bank. "The old Crossland Savings was closed and a new bank formed," he said.

The new president and CEO of Crossland Federal Savings is Richard Kraemer, who is the former executive vice president of H.F. Ahmanson & Company, a California based bank which also owns The Bowery and Home Savings in New York City.

Kerr said there will be no noticeable impact for the moment. With a new president and CEO and officials from the FDIC, he said, it is realistic, however, that bank policies will be reviewed. "From a customer standpoint there is no change in the status of the cash accounts, as for other policies, everything is subject to review," he said.

Crossland holds approximately 10,000 loans on co-op units in the city, including occupied units that were purchased by investors or owned by sponsors. There is some interest in real estate circles to see if city rental laws are challenged. The bank might also be waiting for the outcome of the suit brought by the New York State attorney general against the Resolution Trust Corporation which has sought to evict and/or increase the rent on units which have come under its control.
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Title Annotation:as Crossland Federal Savings
Author:Weiss, Lois
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Feb 5, 1992
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