RICHMOND, Va. -- Investors Savings Bank said the Office of Thrift Supervision had rejected its application for a capital plan.

Investors Savings, a unit of Investors Financial Corp., said it had filed its most recent application for a capital exemption, accompanied by a capital plan, on March 29.

Sidney Bostian, Investors' president and chief executive officer, said the regulator's decision seemed to be based on the thrift's high levels of nonperforming real estate assets and on adverse conditions for commercial real estate in Virginia and the Southeast.

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