Mercury Savings Outlines Plan: Huntington Beach-based Mercury...

Mercury Savings Outlines Plan: Huntington Beach-based Mercury Savings & Loan expects to sell its five Northern California branch offices and reduce its loan portfolio by 10% this year in order to meet next year’s increased requirements for capital, which is an institution’s reserve for unexpected losses. The sale of the branches and the reduced loan portfolio are the major components in Mercury’s strategy to cut its assets 20% to $2 billion by the end of the year, according to a recent filing with the Securities and Exchange Commission. The effort to bolster its capital also includes a continuing effort to cut costs and the recently announced elimination of its quarterly cash dividend.