Pacific Thrift & Loan Called Undercapitalized

Presidential Mortgage Co. of Woodland Hills has been told by the Federal Deposit Insurance Corp. that a subsidiary, Pacific Thrift & Loan Co. is critically undercapitalized as of Oct. 31. The FDIC has ordered the bank to file a plan to fix the problems by Feb. 2.

In the meantime, Pacific Thrift’s activities may be subject to restrictions on growth, new activities, dividend payments and changes in management, according to a report filed by Presidential with the Securities and Exchange Commission.

Presidential has provided the thrift with a total of $1.35 million in new capital during November and December. The company has said it believes that the thrift will meet all the FDIC’s criteria for adequate capitalization by April 30.

The thrift has about $70 million in assets.