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VOLUNTEER SAVINGS TRANSFERRED TO RESOLUTION TRUST CORPORATION

 VOLUNTEER SAVINGS TRANSFERRED TO RESOLUTION TRUST CORPORATION
 TRENTON, N.J., June 5 /PRNewswire/ -- New Jersey Banking Commissioner Jeff Connor today referred Volunteer Savings Bank, SLA, based in Little Ferry, 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 Volunteer, 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 Volunteer 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 by the Federal Deposit Insurance Corporation for up to $100,000.
 Connor explained that with assets of $51.2 million, a loss of $135,000 for the first three months of this year, an inability to meet capital requirements, and a continuing erosion of its capital base, Volunteer Savings Bank was in an unsafe and unsound condition and could not viably operate without the benefit of the federal resolution process.
 Volunteer Savings Bank, SLA is a mutual savings and loan with one office in Little Ferry. Founded in 1933, the institution is the 31st savings and loan in New Jersey to be referred to the RTC since it was created in 1989, placing New Jersey at about the median in terms of failure rate compared to other states. Twenty-six of these institutions have been resolved, the vast majority of which were sold to other more viable financial institutions.
 /delval/
 -0- 6/5/92
 /CONTACT: Christopher W. Cooney of the New Jersey Department of Banking, 609-292-7001, or 609-397-4802/ CO: New Jersey Department of Banking; Volunteer Savings Bank, SLA;
 Resolution Trust Corporation ST: New Jersey IN: FIN SU:


JS-CC -- PH022 -- 7501 06/05/92 13:55 EDT
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Publication:PR Newswire
Date:Jun 5, 1992
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