P.M. BRIEFING : U.S. Takes Over 2 More S
Federal regulators took over two more savings institutions today--one in Ohio and another in Pennsylvania--bringing the total under government control to 221 in 32 states.
The two institutions are Civic Savings Bank in Portsmouth, Ohio, with $101 million in assets, and Horizon Financial in Southampton, Pa., with $2.5 billion in assets.
The Federal Deposit Insurance Corp., at President Bush’s direction, has been taking over some insolvent S&Ls; since early February. The goal is to minimize losses until Congress provides the money to close them or to subsidize their sale to new owners.
The FDIC plans to take over about 60 more institutions in the next several weeks, officials have indicated.
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