Harris Financial Group of Troy, Mich., filed an application March 11 for a thrift charter, becoming the 48th nonbank with a request pending before the Office of Thrift Supervision.
Harris Federal Bank would offer mostly second mortgage loans by telephone. Geoffrey W. Stocki, vice president of Harris Financial, said the only deposit products offered would be certificates of deposit and money market savings accounts.
The thrift would be owned by Cornerstone Capital Group, a holding company formed by an investor group.
Separately, the insurer Sun America Inc. withdrew its application March 10 to convert its trust company to a thrift charter because it was acquired this year by American International Group Inc. of New York, which already had a thrift application pending.
- David Harrison