Regulators Seeking a Buyer for CrossLand Savings Bank

The federal government announced Tuesday that it is seeking buyers for CrossLand Savings Bank, the nation’s 15th-largest savings institution, which has been hobbled by bad real estate loans.

Officials of the Office of Thrift Supervision, which is overseeing the sale of the bank, said Republic National Bank of New York and several other large financial institutions have expressed interest in bidding for the bank, which has branches in California.

CrossLand said all its 110 branches will operate normally. Customers can write checks, withdraw money and deposit savings. All accounts remain insured up to $100,000 by the Federal Deposit Insurance Co.

It will be several months before any sale is complete, OTS officials said.

There are 30 CrossLand branches in New York City, 14 in the rest of New York state, five in New Jersey and 61 in Utah, Florida, California, Oregon, Washington and Virginia.