The FHLBB closed Seapointe Savings & Loan.
The Federal Home Loan Bank Board then directed the Federal Savings and Loan Insurance Corp. to transfer the Carlsbad, Calif., S&L;’s insured accounts to Monterey Savings Bank, Monterey Park. As a result, beginning today, Seapointe’s former office will open as a branch of Monterey Savings Bank. In addition, the FHLBB appointed the FSLIC as receiver for Seapointe, an action taken with the cooperation and approval of the state Commissioner of Savings and Loans. Seapointe was a state-chartered stock association with about $17.3 million in assets and one office.
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