WASHINGTON--The Federal Deposit Insurance Corp. was expected to complete its first, and probably its last, resolution of a thrift on Saturday.

The FDIC was set Friday to orchestrate the resolution of Heartland Federal Savings Loan Association, a $886 million-asset thrift in Ponca City, Okla.

The FDIC became responsible for failed thrifts on Sept. 30, because the 1989 thrift bailout law said that the Resolution Trust Corp. could no longer take over troubled thrifts after that date.

Congress currently is considering a bill that returns responsibility for thrift resolution to the RTC for another 12 to 18 months.

|Bureaucratic Oddity'

Harrison Young, FDIC'S director of resolutions, said Friday that the agency expects Heartland Federal will be the only thrift handled during this interim period.

"It's a sort of a bureaucratic oddity," he said.

Heartland's $739 million in deposits were to be assumed by three institutions: Commercial Federal Bank in Omaha, taking $614 million; Bank of Oklahoma in Tulsa, assuming $90 million. and First National Bank and Trust, also of Ponca City, taking $35 million.

The acquirers also were to buy some of Heartland's consumer loans while seven other institutions, including First Boston and Nomura Asset Group, were to purchase $261 million in residential home loans.

The FDIC planned to retain about $200 million of assets, including real estate owned and foreclosed loans.

FSLIC Fund to Pay

Mr. Young said the FDIC'S Bank Insurance Fund will not have to pay for Heartland because the thrift is owned by the old Federal Savings and Loan insurance Corp., and any costs will be paid by the FSLIC Resolution Fund, which the thrift bailout law created.

Mr. Young said the FDIC has been preparing for six months for the possibility that Congress would not extend the RTC's authority over failing thrifts.

$18 Billion Needed

The thrift industry is much healthier now and few private-sector institutions are expected to fail. But the RTC still needs about $18 billion to pay for the 68 failed thrifts with $32 billion of assets that have already failed and are being run by the government.

If Congress does not appropriate more money to RTC, some banking industry representatives fear the Bank Insurance Fund could end up footing the bill.

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