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POLIFLY SAVINGS AND LOAN ASSOCIATION TRANSFERRED TO RESOLUTION TRUST CORPORATION

 TRENTON, N.J., Nov. 20 ~PRNewswire~ -- New Jersey Banking Commissioner Jeff Connor today referred Polifly Savings and Loan Association, based in New Milford, N.J., to the Resolution Trust Corporation (RTC), the federal agency created by Congress to resolve troubled savings and loans.
 "After reviewing the condition of Polifly, it was clear to me that the institution could no longer function in a safe and sound manner without the help of the federal resolution program," Connor said. "As far as Polifly Savings customers are concerned, they will experience no change in service as the RTC resolves the savings and loan." He added that depositors are insured to $100,000 by the Federal Deposit Insurance Corporation.
 Connor explained that with assets of $457.9 million, a net loss for the quarter ending Sept. 30, 1992, of $2.1 million, an inability to meet capital requirements, and a continuing erosion of its capital base, Polifly Savings and Loan was in an unsafe and unsound condition and could not operate without the benefit of the federal resolution process.
 Polifly Savings and Loan Association is a stock savings association that is wholly owned by Polifly Financial Corporation. The institution was chartered as a New Jersey state savings and loan association in 1924 under the name of Polifly Building and Loan Association of Hasbrouck Heights. The association presently operates 11 branches all located in Bergen County, N.J.
 ~delval~
 -0- 11~20~92
 ~CONTACT: Frank Carr of the New Jersey Department of Banking, 609-292-5491~


CO: New Jersey Department of Banking; Polifly Savings and Loan
 Association; Resolution Trust Corporation ST: New Jersey IN: FIN SU:


MJ-CC -- PH015 -- 3351 11~20~92 12:03 EST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:278
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