OTHER NEWS - April 18, 1994

Westside Bank Closed; Depositors to Be Repaid: The Resolution Trust Corp. decided to pay off deposits to people with accounts at Westside Bank in Los Angeles when it could not find a suitable buyer to take over the institution. The bank, which has $72.1 million in assets and $71.4 million in liabilities, was closed Friday by the Office of Thrift Supervision, the RTC said in a statement. The RTC invited 2,050 potential buyers to an informal meeting of bidders, but no acceptable bids were received. The RTC said it will return $38.4 million to the holders of 1,700 accounts in the form of checks, which were to be mailed over the weekend. It will recover part of its cost through liquidation of the bank’s assets.