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Regulators shut down Perpetual Savings Bank.

March 19, 1987

The savings institution headquartered in Santa Ana was seized in an unusual midweek action by state and federal regulators and declared insolvent. The regulators immediately chartered a new institution, Perpetual Savings Assn., to assume its $61.9 million in assets. The savings bank was to open for business as usual today at its two branches. All deposits remained insured up to $100,000 per account by the Federal Savings and Loan Insurance Corp., which hired a management team from Great American First Savings Bank in San Diego to run the new S&L.

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