American Continental Corp. has filed an application with the Federal Home Loan Bank Board to convert its Irvine-based subsidiary, Lincoln Savings and Loan, from a state-chartered to a federally chartered institution, regulators announced Monday.
Should the application be approved, Lincoln would no longer be regulated by the California Department of Savings and Loan. Approval of any sale then would require the sole approval of the Federal Home Loan Bank Board in Washington.
The bank board has 60 days to act on the request, a spokesman for the board said.
California regulators, who are said to be stricter about Lincoln than federal regulators, already have turned down one potential buyer for Lincoln.