Two Houston S&Ls; in Receivership: The Federal...

Two Houston S&Ls; in Receivership: The Federal Home Loan Bank Board placed Commonwealth Savings Assn. and University Savings Assn., both of Houston, in receivership and transferred all deposits, offices and substantially all assets and certain liabilities to two newly created federal mutual institutions. Depositors are not affected in any way by the transaction and can continue to conduct business as usual. The Bank Board said the action was taken to conserve the associations’ assets and to minimize the eventual cost to the Federal Savings and Loan Insurance Corp. for resolving the two insolvent thrifts and protecting the insured deposits.