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VALLEY FEDERAL SAVINGS AND LOAN ASSOCIATION ANNOUNCES OFFICE OF THRIFT SUPERVISION AGREEMENT PLACES IT IN ARP

VALLEY FEDERAL SAVINGS AND LOAN ASSOCIATION ANNOUNCES OFFICE OF
 THRIFT SUPERVISION AGREEMENT PLACES IT IN ARP
 VAN NUYS, Calif., Nov. 7 /PRNewswire/ -- Valley Federal Savings and Loan Association (OTC) announced today that the Office of Thrift Supervision (OTS) has executed an agreement under which it will place the Association into the Accelerated Resolution Program (ARP).
 The ARP program is a regulatory effort of the OTS and the Resolution Trust Corp. to assist in the sale of troubled savings associations. Valley Federal Savings is considered troubled because it does not meet capital requirements. During the ARP process, current management continues to operate the institution, depositors are not affected and deposits remain insured to the full extent of the law.
 The OTS has informed Valley Federal Savings that institutions are selected for resolution through ARP on the basis of strong branch networks, desirable core retail business and stable management. The OTS has also told Valley Federal Savings that bidders will usually pay substantially more for thrift franchises sold through ARP than those sold through conservatorship. All ARP institutions are competitively bid. At the time a bid is accepted and the institution is sold, Valley Federal Savings will be placed into a receivership and shareholders will be unlikely to receive any consideration for their shares from the sale. The receivership is used to transfer deposits and assets to the acquiror which is done overnight so that there is no interruption of banking services for customers.
 Valley Federal currently operates 30 retail banking offices in California. The company's deposits are insured by the FDIC and backed by the full faith and credit of the U.S. Government.
 -0- 11/7/91
 /CONTACT: Scott A. Braly of Valley Federal Savings, 818-904-3755; or Craig A. Parsons or Kim P. Feazle of Rifkind Pondel & Parsons, 213-207-9300, for Valley Federal Savings/ CO: Valley Federal Savings ST: California IN: FIN SU: SE -- LA024 -- 2480 11/07/91 20:01 EST
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Publication:PR Newswire
Date:Nov 7, 1991
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