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Family Savings Buys Enterprise

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From a Times Staff Writer

Family Savings Bank of Los Angeles, one of the largest African-American-owned financial institutions in California, said it has purchased Enterprise Savings & Loan Assn. in Compton from the Resolution Trust Corp. for $20,000.

As part of the agreement, Family Savings will take over Enterprise Savings and Loan’s $9.6 million in assets and $8.4 million in liabilities, the RTC said.

Enterprise, which serves about 800 customers out of its sole branch office on Rosecrans Avenue, had been in RTC conservatorship since May, 1991.

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Depositors’ accounts will automatically be shifted to Family Savings Bank and will be accessible beginning Monday.

Deposits will be insured by the Federal Deposit Insurance Corp.

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