WASHINGTON - The Office of Thrift Supervision placed Republic Savings Bank, Matteson, Ill., in receivership and chartered a federal mutual institution to take its place.
The thrift, which had been operating under lending restrictions, had reported losses every quarter since the start of 1991. Assets totaled $290.3 million, liabilities $273.1 million, and tangible capital $2 million.
The new Republic Federal Savings Bank assume certain assets and liabilities and operate under Resolution Trust Corp. management. Shareholders will retain no interest, the OTS said.
Lack of congressional funding forced regulators to abandon attempts to sell the thrift before consenvatorship, the OTS said.