BANKING & FINANCE - June 20, 1992

Orange County Thrift Seized: First Newport Bank, which recently changed its name from University Savings Bank, became the state’s third thrift failure this year as regulators declared the tiny savings and loan insolvent and seized it. The Office of Thrift Supervision said the Newport Beach institution had no prospect of replenishing its capital, which was wiped out from losses on commercial, construction and other non-residential loans made by “inadequate former management.” The thrift’s liabilities exceeded its assets by $35,000, the federal agency said. The one-office thrift, with $35.04 million in assets, will reopen Monday for business as usual as First Newport Federal Savings Bank.