WASHINGTON - The Resolution Trust Corp. said Tuesday that it is closing the books on 27 savings and loan receiverships because their depositors have been paid off and all assets have been sold.
"This is the first group of more than 700 savings-institutions to complete the sales cycle," said Albert V. Casey, president and chief executive of the RTC.
The S&Ls had total assets $909 million, and operated in 12 states. The largest thrift in the group was First Garland Federal Savings and Loan Association, Garland, Tex.
RTC spokesman Stephen Katsanos said unsecured creditors received 72 cents on the dollar.
Losses on the 27 were booked by the agency before it ran out of funds last April. Congress refused the RTC's request for $43 billion in additional funding.
Mr. Katsanos said the agency still has about $2.4 billion in reserves for emergency use.
Today, Mr. Casey testifies before the Senate Banking Committee, where he will rebut charges made by employees that the RTC conspired to go easy on thrift directors and officers for political reasons.