Thrifts attempt to remedy low ratings


A number of the thrifts that had low ratings in the third quarter of 1991, according to IDC Financial Publishing Inc., have made changes since the data in the chart were collected.

* Citizens Savings FSB. This thrift reported a profit of $1.5 million for the fourth quarter of last year, in contrast to a loss of $978,000 for the prior quarter.

In the first quarter of this year, the Silver Spring-based institution earned $377,000, compared with $27,000 a year earlier. Citizens also said it signed a plan with federal regulators in December that outlined how it intends to meet all capital requirements by the end of this year.

* Equitable FSB. This mutual savings and loan hopes to raise additional funds by converting to a stock company, either public or private, and selling shares sometime in the next six months, president Gordon Luckett said. Although it suffered losses in past quarters, the company earned $1 million in the quarter ended Dec. 31, 1991, and nearly $1.1 million in the latest quarter.

* Fairview FS&LA.; This mutual company has signed a definitive agreement with Columbia Bank, which will acquire 100 percent of the Ellicott City thrift by the end of June 1992. Columbia, through a private sale of preferred stock, has raised the $4.5 million in additional capital needed for the purchase, and final regulatory approval is expected in the next 30 days, according to Fairview president George Mantakos.

*Home FSB. At the end of September, federal regulators approved a plan submitted by Home Federal that calls for the thrift to meet regulatory capital requirements by June 30. Also, in December the company announced the sale of one of its branches; regulators last month approved the sale, which is expected to be completed next month.

*Second National FSB. This subsidiary of Second National Bancorporation converted subordinated debt into preferred stock during the first quarter of 1992, which added $15 million to core capital. Second National President and CEO Henry A. Berliner Jr. said the market appears to have turned and the company expects "substantial improvement through the rest of the year."

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