Florida’s Largest S&L; Seized: Federal regulators seized...

Florida’s Largest S&L; Seized: Federal regulators seized Florida’s largest thrift, CenTrust Bank, blaming its failure on junk bond investing and on lavish spending on art, a company yacht and high salaries. The Treasury’s Office of Thrift Supervision declared that the Miami-based S&L; was operating in an unsafe and unsound condition and turned it over to the Resolution Trust Corp. for sale or liquidation. Centrust, with $8.2 billion in assets, is the nation’s 23rd-largest thrift.