Thrift’s Actions Restricted: Santa Barbara Savings &...
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Thrift’s Actions Restricted: Santa Barbara Savings & Loan Assn., the main thrift subsidiary of Financial Corp. of Santa Barbara, said federal regulators had placed severe restrictions on its operations. Financial Corp. Chairman Philip Brinkerhoff said the restrictions had been imposed because the thrift is undercapitalized under federal standards. The Office of Thrift Supervision has prohibited the thrift from all new lending and investment activity, accepting uninsured deposits or paying dividends on its stock.
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