P. M. BRIEFING : S&L; Reopens Under B of A Name
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PHOENIX — The 62 branches of Western Savings & Loan Assn. reopened today as branches of Bank of America Arizona after the acquisition of the seized thrift’s deposits and branch system.
Western, placed under federal conservatorship in June, 1989, was put up for sale in January. Western had lost hundreds of millions of dollars during the last two years in real-estate loans that soured.
Western ranks just below such notorious S&L; collapses as Lincoln Savings & Loan Assn. of Irvine, Calif., and CenTrust Bank of Miami, each expected to cost taxpayers about a record $2 billion.
The acquisition of Western by Bank of America Arizona, a subsidiary of San Francisco-based BankAmerica Corp., was approved by the board of the federal Resolution Trust Corp.
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