The Federal Home Loan Bank Board placed...

The Federal Home Loan Bank Board placed troubled Valley Federal Savings & Loan Assn. of Hutchinson, Kan., in conservatorship. Valley Federal, under the appointed conservator, will conduct business as usual, maintaining its name, normal operating hours and services. The management consignment program is designed to stabilize the operations of thrifts with serious problems. Valley Federal has $238.7 million in assets, $252.2 million in liabilities and negative net worth of $13.5 million.