First Savings Assn. of East Texas was...

First Savings Assn. of East Texas was closed by the Federal Home Loan Bank Board, and its insured deposits were transferred to Houston-based University Savings Assn. The failed savings and loan, the first to be closed by the federal thrift regulator in 1988, had branches in Houston, San Augustine and Hemphill, as does University Savings. The bank board said depositors would have immediate access to their insured accounts when University’s branches reopen their doors on Jan. 19 after a three-day weekend. At closing, First Savings had $62.9 million in assets but a negative net worth of $69.1 million.