Family Savings Buys Enterprise
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Family Savings Bank of Los Angeles, one of the largest African-American-owned financial institutions in California, said it has purchased Enterprise Savings & Loan Assn. in Compton from the Resolution Trust Corp. for $20,000.
As part of the agreement, Family Savings will take over Enterprise Savings and Loan’s $9.6 million in assets and $8.4 million in liabilities, the RTC said.
Enterprise, which serves about 800 customers out of its sole branch office on Rosecrans Avenue, had been in RTC conservatorship since May, 1991.
Depositors’ accounts will automatically be shifted to Family Savings Bank and will be accessible beginning Monday.
Deposits will be insured by the Federal Deposit Insurance Corp.
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