S&L; regulators took over Presidio Savings.

A spokeswoman for the Federal Home Loan Bank Board said the state chartered savings and loan was insolvent largely because of poorly underwritten construction loans, speculative real estate loans and investments in futures and options contracts. Some $108 million of the S&L;’s $286 million in assets weren’t earning money, the spokeswoman said. Presidio Savings & Loan’s three offices are in or near Porterville, about 50 miles north of Bakersfield. They will be open for business today under new management from California Federal Savings.