Rtc Sells Most Assets Of Far West
Bloomberg Business News
WASHINGTON - Six regional financial institutions collected pieces of Far West Federal Savings Bank of Portland over the weekend.
Far West was Oregon's largest thrift when it was taken over by the government three years ago.
The Resolution Trust Corp., the agency in charge of resolving the nation's failed savings and loans, approved the sale of the following assets Friday:
-- Key Bank of Oregon, Portland, paid $27.5 million to acquire $418.3 million of insured deposits of Far West's main office in Portland and other Oregon branches.
-- Washington Mutual Federal Savings Bank of Seattle paid $2.2 million for three Portland-area branches with $42.6 million in deposits.
-- Sterling Savings Association, Spokane, received three Portland-area branches with deposits of about $54.2 million, paying $3 million.
-- West One Bank of Oregon, Portland, paid $11.2 million for 10 branches throughout Oregon with deposits totaling $179 million.
-- First Interstate Bank of Oregon, Portland, paid $925,000 to acquire $15.3 million of insured assets at two Oregon branches.
-- Bank of the Cascades, Bend, Ore., paid $525,125 to buy $12.5 million of insured desposits of one Oregon branch.
The RTC will advance $637.9 million to the buyers and keep about $335.4 million of Far West's assets, which it plans to sell.
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