Regulators turned down a request by Gibraltar...

Regulators turned down a request by Gibraltar Financial in Beverly Hills to acquire First Federal Savings & Loan of Ridgecrest. The proposed sale was announced last September. No reason for the denial was given and officials at Gibraltar Financial were not available for comment. Gibraltar Financial, parent firm for Gibraltar Savings, recently underwent a change in top management after sustaining heavy losses in 1987. First Federal is a small S&L; that has $126 million in assets. Ridgecrest is located in the Mojave Desert, near to the town of China Lake.