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WHITE HORSE S&L TRANSFERRED TO RESOLUTION TRUST CORPORATION

 WHITE HORSE S&L TRANSFERRED TO RESOLUTION TRUST CORPORATION
 TRENTON, N.J., Nov. 22 /PRNewswire/ -- New Jersey Banking Commissioner Jeff Connor today approved the transfer of White Horse Savings and Loan Association, headquartered on Quakerbridge Road in Hamilton Township, to the Resolution Trust Corporation (RTC), the federal agency created to protect insured depositors of troubled savings and loans.
 Depositors of the old institution have become depositors of the new RTC institution and will experience no immediate change in service as the RTC attempts to resolve the savings and loan.
 "Based on our review of White Horse S&L's financial condition, I believe that the Resolution Trust Corporation route for the institution is in the best interest of its depositors," Connor said. "Customers should keep in mind that this transfer into the RTC is the first step in the resolution process, that as the institution is marketed for acquisition in the coming months, they will experience no interruption in service nor any change in access to accounts, and that they are of course insured up to $100,000 by the Federal Deposit Insurance Corporation."
 Connor explained that during the resolution process, the RTC will market White Horse, in whole or in part, through a competitive bidding process. "The New Jersey Department of Banking will also be entering White Horse S&L into its RTC Savings And Loan Expedited Sales (RTC S.A.L.E.S.) program in an effort to help ensure successful placement of the institution's deposits," Connor added. "We created our RTC S.A.L.E.S program because we wanted to help minimize any inconvenience to customers at failed savings and loans and reduce any negative impact a complete closing might have on the local economy. The Department of Banking is the only local regulator in our state, and we are most familiar with the market place and the existing banking network."
 Connor said that White Horse S&L could not operate without federal assistance because it does not meet any of its required capital levels and can demonstrate no viable plan for generating sufficient earnings or capital to return to a safe and sound condition. The institution lost almost $2 million in the first six months of this year, and $2.5 million for all of last year. This lack of earnings potential, coupled with the critical condition of its assets, with $18.6 million considered troubled or 26 percent of total assets of $72.5 million, drove the institution into the RTC resolution process.
 White Horse S&L also has a branch office on South Broad Street in Hamilton Township, and maintained three service corporations. Founded in 1926 as a mutual institution, White Horse had to recapitalize itself through a voluntary supervisory conversion to a stock institution in December 1985. White Horse is the 29th savings and loan in New Jersey to be transferred to the RTC, 23 of which have been resolved.
 /delval/
 -0- 11/22/91
 /CONTACT: Christopher W. Cooney of the State of New Jersey Department of Banking, 609-292-7001/ CO: White Horse Savings and Loan Association; New Jersey Department of
 Banking; Resolution Trust Corporation ST: New Jersey IN: FIN SU:


LJ-KA -- PH037 -- 6462 11/22/91 14:50 EST
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Publication:PR Newswire
Date:Nov 22, 1991
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