Tracy Savings Buys Adobe S
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WASHINGTON — Tracy Savings & Loan Assn., of Tracy, Calif., acquired Concord, Calif.-based Adobe Savings Bank with assistance from the Federal Savings and Loan Insurance Corp.
The Federal Home Loan Bank Board approved the acquisition negotiated by the Federal Home Loan Bank of San Francisco under the bank board’s assigned case processing program. It was the 125th insolvent thrift resolved this year.
Adobe’s two offices will reopen Monday, as branches of Tracy Savings. Terms and conditions on Adobe Savings deposits will remain in effect, and insured deposits continue to be fully protected by the FSLIC.
The FSLIC will provide $2.9 million in cash and will indemnify Tracy against any undisclosed liabilities to the transaction.
Prior to the acquisition, Adobe was a state-chartered stock association with assets of $47 million and liabilities of $47.9 million.
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