Universal S&L; Chief Woodruff Back on Job

The longtime president of Universal Savings Bank, ousted by state regulators when they took over the savings and loan in an unprecedented action June 16, is being brought back to once again run the Orange-based institution.

Serge B. Woodruff will resume his duties on a temporary, full-time basis, according to William D. Davis, chief deputy commissioner of the state Department of Savings and Loan.

“It’s being done in the best interest of Universal Savings,” said Davis, who was appointed conservator of Universal. “Woodruff has a high profile in the community, in the industry and with the employees. He’s been with the company for about 20 years.”

The seizing of Universal marked the first time that the state has taken over a healthy S&L;, Davis said.

The agency moved in after a director complained about the possibility that the institution might be diverting funds to its debt-laden Australian owner, Unity Corp. Ltd. of Sydney.

Unity, denying any attempt to divert funds, is challenging the state’s action in court, but the proceedings and the court documents have been sealed from public view.