NATION : Regulators Take Over Fla. S
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WASHINGTON — Federal regulators today took over the largest savings and loan in Florida, charging it with dissipating its funds on high salaries and luxuries such as yachts, limousines and art.
CenTrust Bank, based in Miami, was declared operating in an unsafe and unsound condition by the Treasury Department’s Office of Thrift Supervision and turned over to the Resolution Trust Corp. for sale or liquidation.
With $8.2 billion in assets, CenTrust is the largest savings institution in Florida and the 23rd largest in the nation.
The seizure capped a long effort by regulators to rein in the institution, which had invested $1 billion in junk bonds.
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