Third quarter found S&Ls in better health

May 09, 1993|By David Conn | David Conn,Staff Writer

The third quarter of 1992 marked a positive turning point for Maryland's thrifts, according to IDC Financial Publishing Inc., a Wisconsin research firm whose ratings are shown below.

Ironically, it was the federal takeover of two of the state's largest savings banks that contributed most to the third-quarter's overall score of 134, up from 117 in the second quarter.

Standard F.S.B. in Gaithersburg was taken over Oct. 21, and Second National F.S.B. of Salisbury was seized on Dec. 4. But IDC removed both of their ratings from the chart as of the third quarter.

Regardless of a thrift's rating, if it is federally insured the deposits are covered up to $100,000 per account-holder. Some of the low-rated thrifts said conditions had changed enough since last year's third quarter to affect their ratings:

* American F.S.B., also of Rockville, was examined by the FDIC in October and received a 2 rating (with 1 being best on a scale of 1 to 5), according to President Harry Leavy. The company earned $150,000 in 1992 and $100,000 in the first quarter of this year, he said, and was classified as "well-capitalized" as of Dec. 31, 1992.

* Equitable F.S.B. in Wheaton said last fall it had signed a tentative

agreement to be acquired by a Florida banking company.

* Greater Atlantic F.S.B. is still waiting for approval from regulators for its application to be acquired by a group of private investors, according to President Clifton Clark. The acquisition would bring the Rockville company into compliance with all capital requirements, he said.

* Home F.S.B. in Hagerstown is "still in business, regardless of what IDC says about us," joked its president, Richard Phoebus. "We showed profits for the fourth quarter, profits for the first quarter, and we exceed all capital requirements." The company is planning a $4 million or $5 million stock offering as early as next week, Mr. Phoebus said.

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