WASHINGTON -- With 1994 drawing to a close, the nation's thrift industry experienced its second failure of the year.

Cornerstone Bank in Mission Viejo, Calif. was shuttered last Friday and sold immediately to California Federal Bank of Los Angeles.

Cornerstone, a federally chartered savings bank, had one office and $46.7 million in assets. CalFed paid the Resolution Trust Corp. $1,000 for the thrift, which had deposits of $38.4 million. CalFed is also buying about $2.3 million of the failed thrift's assets, which include cash and cash equivalents.

The RTC estimates taxpayers will pay about $8.4 million as a result of the failure.

Separately, bank and thrift regulators formally amended their capital rules last week to take into account risks from untraditional activities and concentrations of credit.

The final rules, published in the Federal Register of Dec. 15, are unchanged from the proposed versions issued for comment Feb. 22. The new rules will take effect Jan. 17.

The Federal Deposit Insurance Corp. Improvement Act of 1991 required banking regulators to account for those two risks in their risk-based capital rules.

The agencies, in a joint rule, agreed to evaluate credit concentration and the risks from nontraditional activities on a case-by-case basis, rather than introduce a complicated new risk measurement formula into the risk-based capital rules.

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