10 Years Ago Today . . .
. . . Orange Coast Thrift & Loan Assn. in Los Alamitos was declared insolvent and taken over by federal regulators. The business had $12.5 million in assets and negative net worth of $1.5 million.
A company with only four employees, Orange Coast was the first California thrift and loan to be closed by regulators in two years.
Source: Times archives
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