Texas Thrift With Drexel Link Seized: Southmark...
From Times Staff and Wire Reports
Texas Thrift With Drexel Link Seized: Southmark Corp. said its San Jacinto Savings & Loan Assn. subsidiary has been placed in conservatorship by the Office of Thrift Supervision. The Resolution Trust Corp. has been appointed conservator of the Houston-based thrift and has taken control of the institution’s operations. San Jacinto fell short of federal capital requirements. The S&L; once was one of Michael Milken’s best junk bond customers. With $3.25 billion in assets, the Houston-based S&L; was the largest troubled S&L; in Texas operating outside government control.
