Regulators Seize Rancho Bernardo Savings Bank: The...
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Regulators Seize Rancho Bernardo Savings Bank: The Office of Thrift Supervision placed long-struggling Rancho Bernardo Savings Bank in receivership and created a new federally chartered S&L; that will assume many of the failed institution’s assets and liabilities. The regulatory action dashed a planned recapitalization by Orange County thrift consultant Jim Gough. The savings bank had $119 million in assets and about 5,000 depositors. Most of its $4.8 million in losses the past two years were linked to a troubled real estate development in Escondido.
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