WASHINGTON - Thrifts selling stock for the first time may not favor local depositors who subscribe to buy stock over out-of-town depositors, at least for now, a court has ruled.

The U.S. District Court for the District of Columbia ruled last week that the Office of Thrift Supervision had not followed proper procedures in adopting a provision of its new rule on mutual thrift conversions. That provision required mutual thrifts converting to stock ownership to sell shares first to depositors within a 100-mile radius of the institution.

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