Landmark Land Thrift Under OTS Supervision: Oak...
From Times Staff and Wire Reports
Landmark Land Thrift Under OTS Supervision: Oak Tree Savings Bank, the New Orleans savings and loan subsidiary of Carmel-based Landmark Land Co., has been placed under federal supervision by the Office of Thrift Supervision for failing to meet capital requirements, Landmark said. The thrift will be restricted in its ability to make loans, enter into material transactions or pay dividends, Landmark said. Landmark has been unable to find buyers for Oak Tree’s estimated $1.1 billion in real estate holdings, including major golf and resort holdings in the Palm Springs area, which must be sold under S&L; guidelines passed by Congress last year.
