Directors of First California Savings Bank of...

Directors of First California Savings Bank of Orange unanimously approved a $47-million asset writeoff, putting the troubled savings and loan firm $38.3 million in the red and in a position that reportedly could lead to a merger with another institution. The writeoff “puts us in the position of looking for a stronger partner,” one of First California’s top officials said. He stressed that depositors at the thrift’s two branches--in San Fernando and City of Commerce--are fully protected and will experience no problems with their accounts.