47 SAVINGS AND LOANS TAKEN OVER BY FDIC.(Business)

Albany Times Union (Albany, NY) | March 17, 1989 | Copyright

Byline: New York Times

The Federal Deposit Insurance Corp. announced Thursday it had taken over 47 insolvent savings and loan associations in five states with assets of $6.8 billion.

The action, involving institutions in Florida, Illinois, Louisiana, Oklahoma and Texas, brings to 165 the number of ailing institutions the FDIC has taken over under a mandate from President Bush.

In February, the President directed the agency, which insures deposits at commercial banks, to take control of more than 200 ailing savings institutions until Congress passes ...

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