Westside S&L; Parent Loses $45.7 Million

Westside Bancorporation, parent company of Westside Federal Savings & Loan Assn., said Wednesday that it lost $45.7 million in the fiscal year ended June 30, giving the corporation a negative net worth of $29.5 million.

In the final quarter of the fiscal year, Westside had a $32.7-million loss, due entirely to losses on loans and investments in real estate, the company said in a news release.

On Monday, Westside announced that Harlington Investment Ltd., an investment group, had pulled out of its agreement to provide up to $10 million in cash to the troubled savings and loan holding company.

Westside has been under the supervision of the Federal Home Loan Bank since April. Linda Pomerantz, spokeswoman for the regulatory bank in Seattle, declined to comment on the Westside case except to say that the federal bank was “working very closely with the management and the board” of Westside.

If the federal agency decided to intervene, it could find a merger partner for Westside or force its sale.