BANKING
Bankruptcy Petition: Thrift Assn. Bancorp in Orange, which once held two Riverside County thrift and loans and acquired a third, recently filed a petition for Chapter 7 liquidation in U.S. Bankruptcy Court.
The company listed $10.3 million in liabilities, including a $9-million debt to the Thrift Guaranty Fund, the small industry’s deposit insurance company before July, 1990. Deposits at thrift and loans are now insured by the Federal Deposit Insurance Corp.
Thrift Guaranty lost about $4 million after the company’s Riverside Thrift & Loan failed in April, 1990, and was seized by the state. The fund is suing former directors and officers for that amount, plus $5 million in punitive damages, said Thomas Cunningham, the fund’s executive director.
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