A turnaround team imported from Florida has managed to fix the troubled Southern California Savings and Loan.

Southern California, one of the largest problem thrifts in the Golden State, raised $60 million by issuing new stock to current shareholders as an early June regulatory deadline loomed. The new capital puts the $1.7 billion-asset thrift in the "adequately capitalized" category and will give it time to resolve its soured multifamily portfolio and hopefully begin making money again.

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