It has already cost the federal government $376.8 million to dispose of three insolvent Maryland savings and loans, and the meter is still running.
A state-by-state tally of S&L costs was recently disclosed by the Resolution Trust Corp., the federal agency that is handling the thrift bailout. As of the end of September, the RTC had spent a total of $32.5 billion across the country in its effort to clean up the S&L mess.
The cost of the bailout is the difference between the value of the thrifts' assets and their liabilities, which are primarily insured deposits, minus any payments from acquiring thrifts.
In Maryland, $323 million was spent on one institution alone -- Baltimore Federal Financial, one of the largest savings and loans in the state and the first to be taken over by the federal government in February 1989.
Another $43.9 million was spent on Yorkridge-Calvert FSA of Baltimore and $9.6 million was spent on Gibraltar Savings and Loan Association of Annapolis. Household Bank FSB of Newport Beach, Calif., bought the deposits of both Baltimore Federal and Yorkridge-Calvert. Annapolis National Bank acquired the assets and deposits of Gibraltar.
The RTC still controls three other Maryland savings and loans: Vermont Savings Association of Timonium, First Annapolis Savings Bank FSB of Annapolis and Liberty Savings Bank FSB of Randallstown. Those three thrifts have combined assets of about $1.1 billion. Liberty Savings Bank has no relation to Liberty Federal Savings and Loan Association of Baltimore, which is a healthy thrift and meets all government requirements.