Advanced Savings Bank Placed in Receivership
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Advanced Savings Bank in Northridge is now operating as Advanced Federal Savings Bank after being placed in receivership by the federal Office of Thrift Supervision because of financial problems.
The bank will maintain normal operations and business hours under the management of the Resolution Trust Corp., another federal agency that manages and sells failed savings institutions. The bank was seized because it had insufficient capital “with no prospect of replenishment without federal assistance,” the RTC said.
The former Advanced Savings had about $30.6 million in assets and $29.1 million in liabilities when it was seized Friday, the RTC said. The liabilities included $27.2 million in 1,659 deposit accounts that remain federally insured.
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