Guardian Savings Seized by the OTS

WASHINGTON - The Office of Thrift Supervision said it placed Guardian Savings and Loan Association of Huntington Beach, Calif., under government conservatorship and named the Resolution Trust Corp. to manage the failed thrift.

Guardian had assets of $682 million, liabilities of $661.4 million, and tangible capital of $19.4 million, the OTS said.

The failure resulted from substantial losses on commercial real estate lending, nonperforming assets, and unsafe and unsound underwriting practices, the OTS said.

The 18 lending offices and four branches will remain open.

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