Household Bank of Westminster acquired a failed Colorado savings and loan association Wednesday. It was Household's second acquisition of a collapsed S&L this year and its fourth in less than 16 months.
With the takeover of Brighton Savings & Loan Assn. of Brighton, Colo., Household, a federally chartered savings bank subsidiary of Household International Inc., now operates S&Ls in Colorado, Illinois, Maryland and Ohio, as well as in California.
In its latest acquisition, Household, with $850 million in assets and 37 offices nationwide, was paid $22 million in cash by the Federal Savings and Loan Insurance Corp. for taking over the two-office Brighton S&L, which had $92 million in assets. The FSLIC insures most S&L deposits to $100,000 per account and acts as receiver when savings and loans fail.
The failure of Brighton was the fifth S&L collapse this year, according to the Federal Home Loan Bank Board, the primary regulator of the savings and loan industry.