A small savings bank based in Minnesota with a branch in Seal Beach was seized by a federal government insurance fund at a cost of of $38.8 million, officials said this weekend.
was nationalized and closed when no other bank would purchase its assets and liabilities, according to the Federal Deposit Insurance Corp. This takeover was the first time in 13 months that a bank was liquidated without another bank stepping up to take over its accounts, according to the Orange County Register.
All account holders with less than $250,000 in an individual account will get a full payout from the FDIC. Anyone with more than that amount was asked to contact the FDIC.
Home Savings of America was based in Little Falls, Minn. and had one other branch in the Midwest. Its other two branches were in Laguna Woods and Seal Beach. Home Savings was no relation to the California savings and loan behemoth of earlier decades, which was a major player in Southland home finance.
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- City News Service