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OTS APPROVES ISSUANCE OF QUALIFIED STOCK; FIRST TRANSACTION OF ITS KIND

 OTS APPROVES ISSUANCE OF QUALIFIED STOCK;
 FIRST TRANSACTION OF ITS KIND
 SAN FRANCISCO, April 10 /PRNewswire/ -- The Office of Thrift Supervision (OTS) announced today that it granted approval for Keystone Holdings, Inc., a holding company of American Savings Bank, Stockton, Calif., to purchase $1 million of stock from Family Savings Bank, FSB, a Los Angeles-based minority-owned and operated thrift.
 The purchase, conducted through a qualified stock issuance (QSI), is the first action of its kind authorized by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA).
 Under FIRREA, a savings association that fails to meet minimum regulatory capital requirements may sell stock to a savings and loan holding company to raise capital. The buyer may purchase up to 15 percent of the institution's stock and not be deemed to be in control of the institution. Family Savings' qualified stock issuance was conducted in accordance with its approved capital plan.
 In announcing the QSI approval, OTS West Region Acting Director Eric Shand said, "This innovative use of the QSI has enabled a minority-owned and operated institution to access capital so that it can continue to serve the business and family banking needs of customers within its community. We've worked closely with both Family and Keystone to make this creative application of QSI a success."
 Family Savings Bank has two branch offices located in Los Angeles and Pasadena, Calif. As of Dec. 31, 1991, Family Savings had assets of $135.5 million.
 American Savings Bank, which is owned by an affiliate of the Robert Bass Group, has branch offices throughout California. As of Dec. 31, 1991, American Savings Bank had assets of $16.9 billion.
 -0- 4/10/92
 /CONTACT: Laurie Lavaroni of the Office of Thrift Supervision, 415-616-1556/ CO: Office of Thrift Supervision; Keystone Holdings, Inc.; American
 Savings Bank; Family Savings Bank ST: California IN: FIN SU:


MP-DC -- DC010 -- 7110 04/10/92 09:58 EDT
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Publication:PR Newswire
Date:Apr 10, 1992
Words:317
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