Westport Savings Seized: Federal thrift regulators seized...

Westport Savings Seized: Federal thrift regulators seized Westport Savings Bank on Friday and put it in receivership, saying it was insolvent. Its assets of $163 million were transferred to a newly created thrift called Westport Federal Savings Bank, which was put under control of the Resolution Trust Corp. In 1984, a group of South Orange County investors bought Westport, which had opened in Hanford in 1979, and moved its headquarters to Mission Viejo. The group later opened a branch in Laguna Beach. After a change in directorship more than a year ago, the thrift moved its headquarters back to Hanford.