Printer Friendly

FEDERAL APPEALS COURT RULES ON OTS CONVERSION OF STATE-CHARTERED SAVINGS ASSOCIATIONS

 WASHINGTON, Feb. 19 /PRNewswire/ -- A federal appeals court has ruled that state-chartered savings associations cannot convert to state-chartered banks without permission from the Office of Thrift Supervision (OTS). The decision by the Tenth U.S. Circuit Court of Appeals, Denver, upheld a 1991 lower-court ruling that former Utah bank regulator George Sutton illegally allowed Home Savings Bank, Salt Lake City, to convert to a commercial bank without OTS approval.
 A separate appellate decision has upheld the authority of federal regulators to manage troubled thrifts. In a case involving the former Merabank Federal Savings Bank, Phoenix, the Sixth U.S. Circuit Court of Appeals, Cincinnati, ruled that a federal court has no jurisdiction to hear a claim filed against the government by an Ohio insurance company.
 Both decisions were handed down Feb. 17. They can be obtained from the OTS Office of Public Affairs, 202-906-7362.
 -0- 2/19/93
 /CONTACT: Marc Adams of the Office of Thrift Supervision, 202-906-7362/


CO: Office of Thrift Supervision ST: Arizona, Utah IN: FIN SU:

IH -- DC018 -- 8513 02/19/93 16:09 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 19, 1993
Words:178
Previous Article:SAFEWAY ANNOUNCES WINNERS IN MILLION FREE IN '93 SCHOOL SWEEPSTAKES
Next Article:PEOPLES GAS REVIEWING SPECIFICS OF ENERGY TAX PROPOSAL
Topics:


Related Articles
CRESTMONT FEDERAL SAVINGS AND LOAN ADVISED BY OTS THAT SUPERVISORY DIRECTIVE PROHIBITING NONRESIDENTIAL LENDING HAS BEEN REMOVED
CSBS/IBAA SUE OTS ON INTERSTATE BRANCHING RULE
HOME UNITY IN RECEIVERSHIP; DEPOSITS ARE FULLY PROTECTED
COLUMBIA BANKING, ROCHESTER, PLACED IN RECEIVERSHIP BY OTS
OTS PUTS SECURITY SAVINGS, MISSISSIPPI, IN RECEIVERSHIP; DEPOSITORS PROTECTED
GOVERNMENT TAKES CONTROL OF OVERLAND PARK SAVINGS
POLIFLY SAVINGS AND LOAN UNDER GOVERNMENT OPERATION
BELL FEDERAL SAVINGS ANNOUNCES PLAN OF CONVERSION
Patapsco Bancorp, Inc. Announces Charter Conversion

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters