WASHINGTON -- The Office of Thrift Supervision has placed First Federal Savings and Loan Association of Russell County, Phenix City, Ala., in receivership and chartered a new institution to take its place.

The successor was named First Federal Savings and Loan Association of Russell County and has a federal mutual charter.

OTS said First Federal was operating in an unsafe and unsound condition with a tangible capital ratio of only 2.3%, and $885,000 of losses in the 12 months through March 31. One-sixth of its $90 million in assets were classified substandard, doubtful, or loss.

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