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Banking regulators seized Mt. Whitney Savings.

February 13, 1986

The Federal Savings & Loan Insurance Corp. was installed as conservator of the S&L, which has $82 million in assets and is based in Exeter in Central California. Regulators took over the financial institution because they said it was insolvent mostly as a result of "losses on poorly underwritten and speculative construction loans." The financial institution has been placed in what regulators call the management consignment program, meaning that it remains open for business under new management while regulators decide how to dispose of the assets.

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