Regulators Seize Guardian S&L; of Huntington Beach

Federal thrift regulators Friday seized Guardian Savings & Loan, a Huntington Beach-based institution whose top management includes two former California S&L; commissioners.

The Office of Thrift Supervision ordered the takeover because the thrift’s remaining $6.8 million in capital was inadequate as a result of losses on commercial real estate and other loans.

Former state S&L; commissioners William J. Crawford and William D. Davis took over Guardian’s management earlier this year and had high hopes of returning the thrift to financial health.

Kevin Shields, a spokesman for the Resolution Trust Corp., the federal body charged with disposing of failed thrifts, said Guardian’s problems stemmed from the management of Russell M. Jedinak and his wife, Rebecca, and “absolutely not” of Crawford and Davis.

Crawford, 71, who took over as Guardian’s chairman, president and chief executive Feb. 1, was commissioner of the state Department of Savings & Loan for five years until he retired in April, 1990.

Davis, 54, who joined Guardian May 1, was his chief deputy and succeeded him as commissioner. Both will remain with the thrift for some time under Betty Webster, the RTC managing agent for Guardian.

The OTS placed the thrift in conservatorship and appointed the RTC as conservator. The institution, which has assets of $682 million, 18 lending offices and four branches, will continue to operate as usual with deposits insured up to $100,000 per account holder.