Savings And Loan

Labor trouble in the port. So what else is new?The world is lining up on the right side of the Kuwait business. For a country that's broke, the U.S. has a lot of influence.One misstep and the Brits are going to call their new PM Major Minor.The savings and loan catastrophe came about because too many regulators did not do their jobs and too many members of Congress did do theirs.Q. How do you celebrate Christmas in a recession? A. Give the thought that counts.Progress: The Peale Museum opened in 1814 with a real mastadon.

A federal judge today acquitted two former officials of the failed Community Savings and Loan of conspiracy and fraud charges tied to the alleged theft of millions of dollars from the thrift, which collapsed in 1985.After a four-month trial, U.S. District Court Chief Judge Walter E. Black Jr. acquitted Clayton C. McQuistion, Community's former president; Barbara A. McKinney, a former director and vice president; and the Crysopt Corp., Community's holding company. Former chairman Tom J. Billman, a fugitive, wasn't tried.

Jarrettsville bank beginnings go way back On Feb. 22, 1870, the Jarrettsville Building Association met to offer at an auction its first loan of $400. The association was organized in 1869 to promote financial stability after the Civil War. The early directors sought to encourage home ownership and increase saving. The association constructed its own building in 1952 and later changed its name to Jarrettsville Federal Savings and Loan Association. Source: Jarrettsville Past and Present Compiled by the staff of the Harford County Public Library

Odenton Federal Savings and Loan Association is converting from a mutual association run by depositors to a holding company run by shareholders, said bank president Judy Smiechowski.The move will enablethe bank to "increase our capital position to make us strong, give us extra money to put out in home mortgages and . . . serve the community," Smiechowski said.Harbor Investment Corp., which Odenton Federal has incorporated to serve as the holding company, has applied with the Office of ThriftSupervision to make the transition.

The federal Office of Thrift Supervision has asked the management of John Hanson Savings Bank to consider signing a "consent agreement" that may include appointing a conservator or receiver, the troubled Beltsville thrift said today in a release.The board of the savings and loan said that it will consider the proposed terms and will most likely comply.Deposits at John Hanson, which has 15 branches in Maryland, continue to be insured by the Federal Deposit Insurance Corp.The action comes after regulators rejected the thrift's plan to raise capital.

Loyola Federal Savings and Loan Association temporarily suspended its Saturday hours and automated teller machine service this weekend as it completed final tests on a new million-dollar computer system.The thrift's normal hours and ATM service was to resume tomorrow morning, and future weekends would not be affected, Loyola's chairman, Joseph W. Mosmiller, said yesterday."This is a major conversion for us," Mr. Mosmiller said. A year in the planning, the installation of the new software system replaced 37 computer programs at the $2.1 billion thrift.

A. Virginia Saffran, a former vice president and board member of Fraternity Federal Savings and Loan Association in Baltimore, died of Parkinson's disease Thursday at her Woodlawn home. She was 73. Born and raised in Baltimore, Ms. Saffran joined Fraternity Federal as an executive secretary in 1953, a year before she graduated from the Institute of Notre Dame. For 41 years, she worked at the financial institution, rising to vice president, secretary and board member. During her tenure at the savings and loan, she was responsible for hiring tellers, supervising payroll and overseeing compliance with federal banking rules, said her sister, M. Anita Saffran of Woodlawn.

WASHINGTON -- When President Clinton announced last year that he had picked John H. Dalton to be secretary of the Navy, he praised the nominee's "true leadership ability" as a Texas businessman.The resume made public by the White House was impressive: Naval Academy graduate with distinction, service in the Navy on two submarines, former head of the Federal Home Loan Bank Board, executive for Stephens Inc., the influential Arkansas investment bank, and, for nearly five years in the 1980s, chief executive of Freedom Capital Corp.

The Bank of Baltimore has won the bid for the $24 million home equity portfolio of Yorkridge-Calvert Savings and Loan Association. The purchase price was not disclosed.Yorkridge was taken over by federal regulators in December 1989 because of financial problems. At the time it was the 10th largest savings and loan in Maryland.The purchase will be made through the Resolution Trust Corp., a federal agency that is handling insolvent thrifts.Home-equity loans are secured by the borrowers' homes.

Loyola Federal Savings and Loan has foreclosed on the Cloisters at Charles new-home community at Charles Street and Bellona Avenue in Baltimore County, and scheduled a Sept. 25 auction of the undeveloped lots and a handful of unsold homes.The community of so-called cluster homes, unusually large town houses, has been plagued by slow sales and the weak economy. The Cloisters at Charles' asking prices, many of which are in the $400,000 range, put it in one of the hardest-hit sectors of the real estate market.