Little Falls, Minn.-based Home Savings of America, which ranked as the fifth-largest thrift in Orange County based on local deposits, has been closed by federal regulators.
Home Savings had branches in Seal Beach and Laguna Woods, with local deposits of about $272 million as of June, 2011, according to a recent Business Journal list.
It had about $437 million in assets at the same time and a core capital ratio of about 3.7%.
Banks and savings and loans with core capital levels below 4% are typically considered undercapitalized.
The Federal Deposit Insurance Corp. seized the Home Savings after no other bank or thrift offer to buy the thrift. It’s expected to cost the federal agency about $38.8 million.