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Household Bank Acquires Failed S&L in Colorado

May 02, 1985|From a Times Staff Writer

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.

First-Quarter Net Up

Meanwhile, Household International, of Prospect Heights, Ill., reported that its first-quarter net income rose 5%, to $46.5 million from $44.3 million a year earlier. Revenues for the period were $2 billion, compared with $1.89 billion for the comparable quarter last year.

The results for Household Bank were not immediately available, but Donald C. Clark, chairman of the parent company, said earnings from Household's financial services business, which includes the savings bank, "nearly equaled 1984's first quarter."

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