Newspaper article THE JOURNAL RECORD

7 of State's 10 Largest S&ls Report First Quarter Losses

Newspaper article THE JOURNAL RECORD

7 of State's 10 Largest S&ls Report First Quarter Losses

Article excerpt

Seven of the 10 largest savings and loans in Oklahoma, ranked by assets, reported net losses for the first quarter of 1988 and five of the 10 had negative regulatory net capital, regulatory filings released by the Federal Home Loan Bank of Topeka show

A combined negative net worth of $189.7 million was reported for the first quarter of 1988 by Oklahoma's savings and loans, according to the filings for the 50 savings and loans in the state.

Of the five largest institutions, ranked by assets, a negative net worth was reported only by Frontier Federal Savings and Loan Association of Ponca City with a negative net worth of $80.3 million. Three of the five largest savings and loans - Frontier, Local Federal Savings and Loan Association of Oklahoma City and Continental Federal Savings and Loan Association of Oklahoma City - reported net losses.

Sooner Federal Savings and Loan Association of Tulsa, the largest association ranked by assets, reported net income of $171,000, compared to a net loss of $9.4 million for the fourth quarter.

MidFirst Savings and Loan Association of Oklahoma City, in fifth place, reported net income of $2.1 million, up 45.5 percent from $1.4 million for the fourth quarter.

The largest net income for the quarter, $2.1 million, was reported by MidFirst, while the largest net loss for the quarter, $26 million, was reported by Victor Savings and Loan Association of Muskogee.

- Northwest Federal Savings & Loan Association of Woodward, which had reported a negative net worth of $10 million and a net loss of $1.68 million for the fourth quarter, reported a net worth of $48.4 million with a net loss of $1.7 million for the first three months of 1988.

An agreement in principle had been signed in late March to acquire Northwest by LSB Industries Inc. of Oklahoma City. LSB had agreed to trasfer to the savings and loan association assets with a net apprised value at the time of the agreement of at least $30 million. Northwest's assets at the end of the first quarter of 1988 were $129. …

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