U.S. Regulators Close Small Savings & Loan Based in Costa Mesa

Federal regulators closed American Interstate Savings Assn., a small Costa Mesa-based savings and loan, on Friday and will liquidate its assets.

The Office of Thrift Supervision shut the savings and loan at 3:30 p.m. Friday, and the Resolution Trust Corp. was appointed receiver, said Edward Cadena, closing supervisor for the RTC.

The thrift had deposits of $20 million and 207 depositors. Cadena said no depositors lost principal as a result of holding deposits above federally insured limits.

Eighteen savings and loans have failed in Orange County since 1985.

American Interstate, which had few retail customers and apparently concentrated on mortgage lending for multiple-family dwellings, was taken over by federal regulators last July. The S&L; catered to money brokers who place large amounts of money in institutions that offer high “jumbo” rates.

The thrift operated a single office on South Figueroa Street in Los Angeles.