Printer Friendly

HANSEN SAVINGS BANK, SLA TRANSFERRED TO RESOLUTION TRUST CORPORATION

 HANSEN SAVINGS BANK, SLA TRANSFERRED TO RESOLUTION TRUST CORPORATION
 TRENTON, N.J., Jan. 10 /PRNewswire/ -- New Jersey Banking Commissioner Jeff Connor today approved the referral by the Office of Thrift Supervision of Hansen Savings Bank, SLA, a savings and loan based in Hammonton, N.J., which is wholly owned by Hansen Bancorp, Inc., to the Resolution Trust Corporation (RTC), the federal agency created by Congress to resolve troubled savings and loans.
 Depositors of the old institution will become depositors of the new RTC institution.
 "The transfer of Hansen will protect its customers while facilitating an orderly resolution of the institution's problems," Connor said. "Hansen customers should keep in mind that this is the first step in the resolution process, and that their deposits are insured up to $100,000 by the Federal Deposit Insurance Corporation."
 Connor explained that with assets of $578.9 million, a $4.3 million loss for the first nine months of 1991, and a continuing erosion of its capital base with little hope of a successful recapitalization, Hansen Savings Bank was in an unsafe and unsound condition and could not viably operate without the benefit of the federal resolution process.
 Hansen Savings Bank, SLA maintains administrative and support offices in Hammonton and East Brunswick, N.J., and operates eight branches in East Brunswick, Egg Harbor Township, Highland Park, Manahawkin, Mantua, Vineland (2), and Woodbury. The institution's parent company, Hansen Bancorp, Inc., is wholly owned by Elmer J. and G. Eileen Hansen, and also owns Hansen Savings Bank, Palm Beach Gardens, Fla. Hansen Savings Bank, SLA is the 30th savings and loan to be referred to the RTC in New Jersey, placing New Jersey at about the median in terms of failure rate compared to other states in the nation.
 /delval/
 -0- 1/10/92
 /CONTACT: Christopher W. Cooney of the N.J. Department of Banking, 609-292-7001/ CO: New Jersey Department of Banking; Hansen Savings Bank, SLA ST: New Jersey IN: FIN SU:


MP-KA -- PH004 -- 8561 01/10/92 10:31 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 10, 1992
Words:335
Previous Article:VOLVO FINANCE/GENMAR INDUSTRIES FORM RETAIL FINANCE PROGRAM
Next Article:U.S. HEALTHCARE ANNOUNCES HIGHEST ANNUAL MEMBERSHIP GROWTH IN FIVE YEARS
Topics:


Related Articles
VALLEY FEDERAL SAVINGS AND LOAN ASSOCIATION ANNOUNCES OFFICE OF THRIFT SUPERVISION AGREEMENT PLACES IT IN ARP
BT FINANCIAL'S AFFILIATE PURCHASES ASSETS OF ATLANTIC FINANCIAL
WHITE HORSE S&L TRANSFERRED TO RESOLUTION TRUST CORPORATION
NORTH SIDE SAVINGS BANK REPORTS ON PROGRESS OF CONSOLIDATION AND SALE OF DEPOSITS ACQUIRED FROM THE RTC
FIRST CITIZENS ASSUMES DEPOSITS, LOANS OF FIRST FEDERAL SAVINGS ASSOCIATION IN FRANKLINTON AND LOUISBURG
CSF HOLDINGS SUBSIDIARY ACQUIRED $49 MILLION IN DEPOSITS AND ONE BRANCH BANKING OFFICE IN VIRGINIA FROM RESOLUTION TRUST CORPORATION
SECURITY INVESTMENTS GROUP, INC. SIGNS DEFINITIVE AGREEMENT FOR SALE OF GREENTREE MORTGAGE CORPORATION
CENTURA BANK ACQUIRES FIRST AMERICAN FROM RTC
RTC REPUDIATES MERIDIAN BANCORP CONTRACT
PENNFED FINANCIAL SERVICES, INC. ANNOUNCES ACQUISITION OF BRANCH OFFICES

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