FSLIC Rushing Refunds to Depositors of Failed S

Depositors at two failed Costa Mesa savings and loans have claimed nearly half the record $1.35 billion that federal regulators expect to pay out in refunds, according to the Federal Savings & Loan Insurance Corp.

As of 3 p.m. Friday, the FSLIC had paid out $545.7 million to those who had accounts at American Diversified Savings Bank and North America Savings & Loan. The agency insures deposits up to $100,000 per account.

American Diversified had a total of $1.14 billion in insured deposits and North America Savings had $209.9 million. An additional total of $2.7 million was uninsured and is not part of the pay-out, but depositors due that money will share in the proceeds of the liquidations of the S&Ls.;

FSLIC employees have been working around the clock to return deposits since early Monday when regulators closed the insolvent institutions. Barbara Bleistift, a FSLIC executive in charge of the pay-out locally, said employees are split into two shifts, each working 12 hours a day.

More than 500 depositors have claimed their money in person, and the FSLIC will open the doors to more depositors from 9 a.m. to 4 p.m. today.

Most of the work, though, has involved verifying accounts and sending checks to depositors who have mailed in claims. About 1,800 pieces of mail have arrived daily from depositors who want their money, Bleistift said.

The refund operation at the Costa Mesa offices of American Diversified will close June 24, and further claims must be made through FSLIC headquarters in Washington. Meantime, Bleistift said, employees are just hoping they get Sunday off.