Newspaper article THE JOURNAL RECORD

Chickasha S&l Placed into Receivership

Newspaper article THE JOURNAL RECORD

Chickasha S&l Placed into Receivership

Article excerpt

Universal Savings and Loan Association of Chickasha was placed into receivership Friday by the Federal Home Loan Bank Board.

All of the assets, deposits and liabilities were transferred to a newly chartered federal mutual association, according to Bill Conly, public information director with the Federal Home Loan Bank of Topeka.

The bank board has approved a five-member board of directors for the new association.

The chairman of the board of the new association will be H. Arthur Littell, vice president of the Goldman Companies of Oklahoma City and a member of the board of directors of Otero Savings and Loan Association in Colorado Springs.

The other board members are Gordon D. Ryan, director and shareholder of the Watson and McKinzie law firm of Oklahoma City; Michael M. Tuohy, president of Liberty Federal Savings and Loan Association in Enid; Jack A. Fox, chairman of the board of Stillwater Savings and Loan Association and president of North Central Service Corp., a wholly-owned subsidiary of Stillwater Savings; and Fred F. Smith, president of First Federal Savings and Loan Association of Wewoka, Okla.

In addition, the bank board approved a management contract for Universal Savings with First Western Federal Savings and Loan Association of Oklahoma City. First Western will provide a management team to guide the daily operations of Universal Savings.

The new association, also to be known as Universal Savings, will operate out of the same office used by the former association. The new Universal Savings will begin operating today and will continue to maintain the same hours.

All accounts were transferred in full to the new association and depositors may continue to write checks and transact business as usual, according to Conly. The Federal Savings Insurance and Loan Corp. continues to insure these account holders to the maximum extent provided by law.

Universal Saving was a federally chartered stock association with $106. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.