United Federal of Durant Placed into Receivership / Had City Branch

By Carter, Kim | THE JOURNAL RECORD, June 3, 1987 | Go to article overview

United Federal of Durant Placed into Receivership / Had City Branch


Carter, Kim, THE JOURNAL RECORD


United Federal Savings and Loan Association in Durant, Okla., was declared insolvent and placed into receivership Monday by the Federal Home Loan Bank of Topeka, Kan.

The thrift had $91.3 million in assets and operated branch offices in Oklahoma City, Atoka and Hugo.

All assets, deposits and liabilities were transferred to a newly chartered federal mutual association which will be known as United Savings.

United Federal had substantially dissipated its assets and earnings due to violations of law and unsafe and unsound practices associated with the bankrupt Savings Investment Service Corp. of Edmond, according to Bill Conly, spokesman for the Federal Home Loan Bank.

At the end of the fourth quarter, ended Dec. 31, 1986, United Federal had a negative regulatory net worth of $2.6 million and reported a net loss of $5.4 million. Its assets dropped from $101.1 million in the third quarter of 1986 to $98 million at the end of the year.

Third quarter deposits totaled $78.3 million, and the institution had a regulatory net worth of $2.5 million. It sustained a net loss of $1.1 million in the third quarter.

The new association will reopen today maintaining the thrift's headquarters in Durant, the same office hours and services.

A five-member board of directors for the new association was approved Monday by the Federal Home Loan Bank board in Washington, D.C. The board is headed by Chairman Lloyd A. Cole, former vice president of Mortgage Guaranty Insurance Co. in Shawnee, Kan.

Other directors are Kenneth L. Brown, chairman of First Community Federal Savings and Loan Association, Winfield, Kan.; John W. Laisle, president of MidFirst Savings and Loan Association, Oklahoma City; R. J. Lollar Jr., president of First Federal Savings Bank of Oklahoma, Claremore, Okla., and Keith L. Smith, chairman and president of First Western Savings and Loan Association, Oklahoma City.

A management contract was approved with Hewitt, Olson, Smoker & Associates Inc. of Ft. Lauderdale, Fla., a consulting firm for financial institutions.

United's regulatory capital deteriorated after it acquired large holdings of substandard assets in 1984 and 1985 as a result of imprudent underwriting policies and controls on loans for construction and other purposes throughout the United States, Conly said. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

United Federal of Durant Placed into Receivership / Had City Branch
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.