Sale of Cornerstone S&L; to Cal Fed Wins Approval

MISSION VIEJO — Federal banking regulators on Friday closed Cornerstone Savings & Loan, a Mission Viejo thrift, and approved its sale to California Federal Bank in Los Angeles, officials said. Services to customers of Cornerstone’s single branch will continue without interruption, federal officials said. Under the sale agreement, California Federal will assume deposits totaling $38.4 million, and about $2.3 million of Cornerstone’s $46.7 million in assets. The rest of the assets will be sold to cover liabilities of $44.8 million.