Regulators Put S&Ls on Auction Block
FEDERAL regulators are selling five of the largest failed savings institutions under their control, including a Texas thrift once owned by the former owner of the Dallas Cowboys. David Cooke, director of the Resolution Trust Corporation (RTC), said Aug. 30 that the five, with assets totaling $10.8 billion, will be the first major institutions returned to private ownership.
Bright Banc Savings Association, Dallas, with $4 billion in assets, formerly owned by H.R. (Bum) Bright, once among the nation's 50 wealthiest men and former owner of the Dallas Cowboys of the National Football League.
San Antonio Savings Association, San Antonio, with assets of $2.5 billion.
Baltimore Federal Financial, Baltimore, with $1.6 billion in assets. It was one of the first three S&Ls seized by the government Feb. 7, the day after President Bush announced his S&L proposal.
Broadview Federal Savings Bank, Independence, Ohio, with $1.6 billion in assets.
Skokie Federal Savings and Loan Association, Skokie, Ill., with assets totaling $961 million.
Together, the institutions serve 954,000 depositors. They are the first transferred to the RTC's major transactions division, which will begin meeting with potential buyers.
Mr. Cooke said the institutions already have ``attracted considerable investor interest nationwide.''
Cooke's announcement came a day after his agency's overseers cleared the RTC to get started on large, complex deals.