Thrift and Loan Shut by State

A Huntington Beach thrift that reported the biggest loss among Orange County financial institutions for the quarter ended June 30 was declared insolvent Friday and closed by state officials.

Huntington Pacific Thrift and Loan Assn., with assets of $42 million, was shuttered at 5 p.m. Friday by the California Commissioner of Corporations. The Federal Deposit Insurance Corp., which insures deposits at the nation’s banks and thrifts, was named receiver.

For the second quarter, the latest period for which figures were available, Huntington Pacific reported a loss of $446,000, contrasted with a loss of $109,000 for the previous three-month period. Its percentage of non-performing loans was 7.7%, substantially higher than the 3% benchmark set by regulators.

Roberta Valdez, head of the FDIC Department of Claims Settlements in Irvine, said insured depositors--those with $100,000 or less in each account--will receive checks in the mail for their full balances. Those with more than $100,000 in their accounts will receive full payment of that insured amount plus a minimum of 76% of the remainder, she said.

The thrift had $37.3 million in 820 accounts. Of those, 56 contained more than $100,000, with the uninsured amount totaling $148,000.