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Article: Franklin Federal, a Southwest plan S&L, attracts interest from 12 potential buyers.(Brief Article)
- Article from:
- American Banker
- Article date:
- May 22, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Another Southwest Plan creation is on the block.
Franklin Federal Bancorp, a large savings and loan based in Austin, Tex., has drawn interest from a dozen banks and thrifts interested in buying the $875 million-asset institution.
Franklin was formed in 1988 from three failed savings and loans as part of the Southwest Plan, an early attempt at a thrift industry bailout. Dallas leisure industry entrepreneur Robert H. Dedman Sr. bought 80% of the company for $25 million. The Federal Deposit Insurance Corp. has a warrant for the remaining 20%.
"The timing is right," said Franklin chief executive Leonard E. Huber. He said the thrift has been a good ...