Dallas-based Sunbelt Savings Assn. of Texas was...

Dallas-based Sunbelt Savings Assn. of Texas was the institution that posted a $1.2-billion net loss last quarter, leaving regulators to face what could be the most expensive bailout in savings and loan history, according to a published report. The fourth-quarter loss, but not the name of the privately held institution, was disclosed last Wednesday by regulators. It would be among the largest quarterly shortfalls ever for a thrift and leaves Sunbelt with negative regulatory capital, a lenient measure of net worth, of almost $1.7 billion, the Wall Street Journal reported. The cost of closing Sunbelt could rival last November’s record $1.3-billion bailout of Vernon Savings & Loan Assn., another Texas thrift.