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.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.