New Jersey Backs Transfer of Thrift to RTC

TRENTON, N.J. - Jeff Connor, the New Jersey banking commissioner, said he has approved transfer of the insolvent White Horse Savings and Loan Association to the Resolution Trust Corp.

Mr. Connor said that, while the RTC markets White Horse through competitive bidding, his office will also put the thrift in its RTC savings and loan expedited sales program "in an effort to help ensure succesful placement of the institution's deposits."

The institution, based in Hamilton Township, lost almost $2 million in the first six months of this year after losing $2.5 million in 1990. Of its $72.5 million portfolio, assets worth $18.6 million, or 26% of the total, were classified as troubled.

White Horse Savings was the 29th New Jersey thrift transferred to the RTC.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.