Westside Bancorp’s future is up in the air.
Federal regulators hope to decide within a week whether a conservator or a receiver should be named for Seattle-based Westside, which has been left with a $29.5-million negative net worth following heavy losses, a spokeswoman for the Federal Home Loan Bank of Seattle said. In a brief news release, Westside, the parent company for Westside Federal Savings & Loan Assn., acknowledged that grounds exist for the Federal Savings and Loan Insurance Corp. to appoint a conservator or receiver for the institution.
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