IRVINE — Lincoln Savings & Loan lost nearly a billion dollars this year and taxpayers are expected to pay $2 billion to repair it, but still the thrift has dug deep into its pockets to pay for a full-page newspaper ad inviting the public to share some free cider and Christmas cookies.
The federal regulators who seized the failed thrift in April spent $37,622.85 on an ad in Monday's Los Angeles Times to tout their hospitality. The ad features a picture of Santa with the following caption: "He's not the only one with something for you this Christmas."
For those who don't know it, next week is "Lincoln Savings Customer Appreciation Week." The cookies and cider are a gesture of "a taste of the true spirit of Christmas," according to the ad.
"They decided to run the ad as an expression of appreciation to the loyal customers who continue to do business with them," said Phil Salvati, president of the Costa Mesa agency that placed the ad.