One Thrift Sold, One Closed: Bank of...
From Times Staff and Wire Reports
One Thrift Sold, One Closed: Bank of America will pay the federal Resolution Trust Corp. a $7.3 million premium to acquire $616 million in deposits at 25 branches of failed Southwest Federal Savings Assn. in Los Angeles. B of A also got $350 million in Southwest home and consumer loans. Meanwhile, federal officials closed fraud-plagued Brookside Federal Savings in Los Angeles and will pay customers about $450 million, representing their insured deposits. Southwest and Brookside were seized in 1989.
