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California | SOUTHLAND FOCUS

Restrictions Dropped

March 22, 2001|Liz Pulliam Weston

Los Angeles-based Bank Plus Corp., which returned to profitability last year after suffering deep losses from sub-prime credit card lending, said regulators have removed some of the restrictions that had been placed on its business. The Office of Thrift Supervision removed its "problem association" and "troubled condition" designations from the company, the $2.2-billion parent of Fidelity Federal Bank, the company said. The change frees the company to increase its assets and eliminates requirements that Bank Plus notify the OTS of transactions between the bank and its affiliates. Bank Plus is still subject to another restriction that requires additional documentation of its credit risk management for new lending. The bank, which has 30 branches in Los Angeles and Orange counties, shut down its credit card business and sold its remaining credit card portfolio last year after losing $190 million on the venture.

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