WASHINGTON - The Office of Thrift Supervision has placed San Clemente Savings Bank of Irvine, Calif., in receivership and chartered a federal mutual institution to take its place.

T. Timothy Ryan, director of the thrift agency, said the reluctantly removed San Clemente from the agency's accelerated-resolution program because of a lack of government funding.

The new institution, San Clemente Federal Savings Bank, assumed assets and liabilities of the old thrift in a conservatorship managed by the Resolution Trust Corp.

San Clemente Savings formerly a subsidiary of American Pacesetter of Newport Beach, Calif., had a tangible capital ratio of 0.81% on March 31. Of its $220.4 million is assets, 10.27% were nonperforming.

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