OTHER NEWS - Jan. 25, 1992
CrossLand Savings Seized by Regulators: Federal banking regulators seized control of CrossLand Savings Bank, appointing new management for the Brooklyn-based thrift and infusing it with $1.2 billion in cash. It is the largest bailout of a thrift in the New York area since the savings and loan crisis forced the government to begin taking over institutions in the late 1980s. Dissatisfied with other banks’ offers to buy the thrift, the government said it was replacing the old CrossLand with the new CrossLand Federal Savings Bank, which will operate the bank’s 44 branches in the metropolitan area.
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