Troubled Lincoln S&L; to Close Office in Glendale
Lincoln Savings and Loan, which was seized in April by federal regulators who said the thrift’s assets had been “substantially dissipated,” will close its Glendale office on Sept. 29.
The Irvine-based S&L; will consolidate that office with its Burbank branch, transferring 5,200 accounts and 3,500 customers, because the city of Glendale plans to clear the site to make way for a park.
Keith Seibold, who oversees Lincoln and five other S&Ls; for the Federal Deposit Insurance Corp., said Lincoln will take advantage of the forced closing to cut costs at the beleaguered thrift. Regulators said the combined branches would have deposits of $160 million.
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