Ford Motor Co.’s First Nationwide banking subsidiary...

Ford Motor Co.’s First Nationwide banking subsidiary has acquired two insolvent savings and loan institutions in Michigan with combined assets of $950 million. The San Francisco-based subsidiary acquired First Dearborn Federal Assn. and Bloomfield Savings & Loan Assn. with $118.3 million worth of federal assistance. The price was not disclosed. First Nationwide assumed all the banks’ assets and liabilities. They will reopen today. Deposits will continue to be protected under the Federal Savings and Loan Insurance Corp. The acquisitions raise First Nationwide’s overall assets to about $26 billion.