Rules Considered to Give State S&ls Fair Competition

By Robinson, Robin | THE JOURNAL RECORD, February 2, 1989 | Go to article overview

Rules Considered to Give State S&ls Fair Competition


Robinson, Robin, THE JOURNAL RECORD


State-chartered savings and loans in Oklahoma could be put on even footing with their federal counterparts in their quest to acquire four insolvent thrifts marketed by the Federal Savings and Loan Insurance Corp.

The Oklahoma Savings and Loan Board is scheduled to meet at 2:30 p.m. today to discuss and vote on a rule that would allow state-chartered thrifts to take advantage of some of the forebearances offered by FSLIC to acquirers of failed thrifts, said Mary Beth Guard, general counsel for the Oklahoma Banking Department.

Some of the "amazing forebearances" that were granted to the Bass Group when it acquired the country's largest thrift, American Savings and Loan Association of Stockton, Calif., could not have been used by Oklahoma thrifts because of the existing laws, Guard said.

The state rules are silent about the ability of state-chartered thrifts to offer certain services, Guard said, nor do the rules allow these thrifts to acquire other thrifts as subsidiaries.

A building trend among savings and loans acquiring failed thrifts is to create a separate subsidiary instead of melding the assets and deposits of the failed thrift into the balance sheet of the acquiring thrift, she said.

The formation of a subsidiary is preferred, Guard said, because it shields the acquirer from some liabilities and allows the organization to better follow the profit and loss patterns of the acquired institutions.

The language in the proposed rule would allow state-chartered thrifts to form subsidiaries for their acquisitions, she said.

"It is an important step so that the state S&Ls can take part in the process," Guard said.

The rule would create more participation by Oklahoma-chartered savings and loans in the bidding process, would create additional incentives and would broaden the field of in-state potential suitors for the failed thrifts, Guard said.

The department decided to propose the rule after an unidentified industry official requested the change, she said. The rule is consistent with the department's program in the past few years to create parity between the federal and the state savings and loan regulations, Guard said. …

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Rules Considered to Give State S&ls Fair Competition
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