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FarWest in Receivership: Federal thrift regulators Friday...

FarWest in Receivership: Federal thrift regulators Friday cut off any interest that the wealthy Belzberg brothers of Canada had in Newport Beach-based FarWest Savings by putting it in receivership and transferring its deposits and assets to a newly chartered federal thrift. There will be “no effect” on deposit customers when FarWest Savings & Loan, F.A., opens Tuesday, regulators said. FarWest Savings, racked by losses in its junk bond portfolio and real estate loans, was declared insolvent and seized Jan. 11 by regulators. It was put in conservatorship to protect its assets. When regulators transfer failed thrifts from conservatorships to receiverships, they cut off the interests of owners and creditors to prepare the institutions for sale. The Belzbergs--Samuel, Hyman and William--own a combined 57% in the thrift’s holding company, FarWest Financial Corp.


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