Ranieri on an RTC Buying Spree
United Savings Completes Third Deal in 6 Weeks
United Savings Association of Texas said it has completed its third acquisition from the Resolution Trust Corp. in six weeks, taking the San Antonio branch of Victoria Savings Association.
The branch was closed and its $81 million in insured deposits as well as certain loans were moved Monday to a United Savings office.
United Savings, which has 69 Texas branches, including two in San Antonio, has grown to $7 billion in assets in three years under the aggressive ownership of Lewis Ranieri, its chairman, who was a pioneer in the mortgage-securities market.
In recent weeks United also acquired insured deposits of six BancPlus Federal Savings Association branches and 20 San Jacinto Savings Association branches in Houston and Dallas.
Also last week, First Tennessee National Corp. said its lead bank made the winning bid for Mercantile Federal Savings Bank, Southaven, Miss., which had been in RTC conservatorship since April.
The acquired thrift had $24.3 million in deposits, said John Dulin, president of First Tennessee National Bank.
The RTC's sales of failed thrifts will be limited until Congress refinances the agency.
Its first $80 billion is nearly depleted, and many members of Congress are hesitant to approve a current $80 billion request unless the General Accounting Office gives the agency's financial statements an unqualified opinion. GAO chief Charles Bowsher has called for tighter accounting controls, and the RTC has taken steps to improve them.
Assets to Valley National
Among other recent sales, the RTC has transferred $160 million of Yorkwood Federal Savings deposits and six offices to Valley National Bancorp, Clifton, N.J.
Also, $535 million in assets of Atlantic Financial Federal - West Virginia, has been transferred to One Valley Bancorp, Charleston. As a result, One Valley became the largest mortgage servicer in the state, with a $1.5 billion portfolio.
The RTC also sold 14 offices of Beacon Federal Savings, Baldwin, N.Y., to North Side Savings Bank of Floral Park. North Side, in turn, transferred six offices to Mid-Hudson Savings Bank and three to Ridgewood Savings Bank.