BANKING

RTC Seizes San Francisco Thrift: Resolution Trust Corp., the nation’s thrift cleanup agency, has taken over San Francisco-based Homestead Savings and established a new federal mutual association, Homestead Federal Savings Assn., to assume all deposits and some assets and liabilities of the failed thrift. Homestead had about $1.61 billion in assets and about $1.55 billion in liabilities, including $1.3 billion in deposits. Deposits continue to be federally insured. Normal business hours and operations will be maintained under an RTC-appointed managing agent while the RTC negotiates a permanent resolution for the thrift. To date, the RTC has closed or sold 652 thrifts and sold more than $276.8 billion of assets. The estimated cost to taxpayers for these transactions is $84.5 billion.