Content area
Full Text
La Jolla Savings Bank was the sole local representative on a recently released list of the nation's safest savings and loans.
The $77 million S&L made the list because of its solid net worth, said Bauer Communications Inc., the Florida-based publisher of Rate Watch, a national consumer newsletter.
La Jolla Savings Bank's regulatory net worth was about $6 million -- close to 8 percent of its $77 million assets as of June 30.
Bauer used generally accepted accounting principles instead of S&L regulatory procedures to determine which institutions would classify as "very safe."
Regulatory accounting procedures allow S&Ls to add a few items, such as goodwill, into net worth. Goodwill is an "intangible asset" S&Ls use when they acquire troubled institutions to make their...