WASHINGTON Reuter: The Federal Home Loan Bank Board announced the closing of Sunrise Savings and Loan of Boynton Beach Florida and said it was the biggest closing in the Boards history.
The Board said Sunrise had 14 branches in Florida and assets of 115 billion dollars.
The Board said it had created the Beach Federal Savings and Loan Association and it would reopen Monday in the Sunrise offices.
A Board official said the Board in effect would be taking the association and looking for a buyer.
The Board said this was the 18th savings institution it had closed this year and the 39th that had required some sort of federal action.
The Federal Savings and Loan Insurance Corp the insurers of the nation’s thrift industry seized control of Sunrise in July 1985 after declaring it insolvent.
The FSLIO ousted Sunrises Board and hired Amerifirst Federal Savings and Loan of Miami to run the company. Since then Sunrise has not made any loans but has continued to operate.
Last week the FSLIO filed suit in Miamis federal court seeking 250 million dollars in damages from the former officers and law firm of Sunrise.
Article extracted from this publication >> September 19, 1986
