Robert J Mylod

"Beverly Hills Savings is back." That's the optimistic phrase emblazoned on posters hanging at the six branches of the once-insolvent savings and loan. The Mission Viejo-based S&L had been operated by regulators since April, 1985--longer than any other insolvent S&L. With $1.6 billion in assets, Beverly Hills Savings was headed for liquidation. But the S&L was brought back from the dead when it was sold at 8:30 p.m. on Dec.

"Beverly Hills Savings is back." That's the optimistic phrase emblazoned on posters hanging at the six branches of the once-insolvent savings and loan. The Mission Viejo-based S&L had been operated by regulators since April, 1985--longer than any other insolvent S&L. With $1.6 billion in assets, Beverly Hills Savings was headed for liquidation. But the S&L was brought back from the dead when it was sold at 8:30 p.m. on Dec.

Robert J. Mylod, former president of the Federal National Mortgage Assn., has been elected chairman and chief executive of Michigan National Corp., Michigan's third-largest bank holding company. He succeeds Edwin B. Jones, who is retiring. Jones had replaced Stanford Stoddard, who resigned in July amid a probe into Stoddard's alleged personal use or corporate assets.

Moving Out for Now: Michigan National Corp. may have scuttled its plan to build up its Orange County thrift, but it hasn't given up on the savings and loan industry. The bank holding company, based in a Detroit suburb, has been selling the business units of its Mission Viejo thrift, Independence One Bank of California. But it will keep the S&L charter and probably move it to its Farmington Hills headquarters, where it may open a new thrift.

Nearly two years after seizing high-flying Lincoln Savings & Loan, the federal government is on the verge of selling the thrift's branch network and closing down the institution as an operating entity. The Resolution Trust Corp., the federal agency charged with managing and liquidating failed S&Ls, is expected to announce the sale of most or all of Irvine-based Lincoln's 29 branches in Southern California, perhaps as early as Friday.

The Michigan banking company that owns Beverly Hills Savings Bank is looking for more ailing California savings and loans to buy and will eventually turn the entire operation into a commercial bank. Though no timetable has been set, converting the Mission Viejo-based S&L to a bank is an "inevitability," Robert J. Mylod, chairman and president of Michigan National Bank, said in a recent interview.

The Michigan banking company that owns Independence One Bank of California said Monday that it will seek a buyer for the thrift and give up its plan to start a financial services network across Southern California. Michigan National Corp. said it has potential buyers both in and out of state for its savings and loan subsidiary and expects to reach an agreement with one of them by early next year. The company, which had been expected to sell the thrift, would not identify the potential buyers.

Nearly two years after seizing high-flying Lincoln Savings & Loan, the federal government is on the verge of selling the thrift's branch network and closing down the institution as an operating entity. The Resolution Trust Corp., the federal agency charged with managing and liquidating failed S&Ls, is expected to announce the sale of most or all of Irvine-based Lincoln's 29 branches in Southern California, perhaps as early as Friday.

The controversial flurry of 11th-hour savings and loan bailouts for 1988 came to an end Saturday night as regulators in Washington completed seven additional forced mergers, including the sale of Beverly Hills Savings & Loan to a commercial banking company in Michigan. Michigan National Corp., the state's fourth-largest banking company, took over Beverly Hills Savings by putting $52 million in new capital into the long-troubled financial institution.