WASHINGTON - Continuing its program of closing the sickest thrifts, the Office of Thrift Supervision has placed First Home Savings Association of Pittsburgh in receivership and chartered a new federal mutual institution to take its place.

The new institution, First Home Federal Savings Association, will assume certain assets and liabilities of the old thrift and operate in conservatorship under management of the Resolution Trust Corp.

First Home's tangible capital equaled 1.18% of its $131.7 million in assets at March 31. It was sunk by bad commercial real estate and business loans and could not be sold in the accelerated resolution program because of a lack of government funding, the OTS said.

Also seized recently was First Newport Bank, Newport Beach, Calif., which had $35 million in assets and a negative 0.1% tangible capital ratio.

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