WASHINGTON -- The Office of Thrift Supervision placed Irving Federal Bank for Savings, Chicago, in receivership Friday and chartered a new federal mutual institution to take its place.

The regulator said Irving Federal, which had $247 million in assets and a tangible capital-to-assets ratio of negative 0.18%, was operating in an unsafe and unsound condition and had no reasonable prospect of survival without federal assistance.

With problem loans in various real-estate and development sectors, nonperforming assets equaled 29% of total assets.

Also closed Friday was Crestline Building and Loan Association in Ohio, which had $30.6 million in assets and a tangible capital-to-assets ratio of negative 4.23%.

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.