wsj_1038.xml
WSJ891026-0018
WSJ891026-0018
=
891026
=
891026
891026-0018
.
891026-0018
.
Business
Brief
--
Benjamin
Franklin
Federal
SampL
:
@
Thrift
Plans
to
Restructure
@
After
Loss
in
Third
Quarter
Business
Brief
--
Benjamin
Franklin
Federal
SampL
:
@
Thrift
Plans
to
Restructure
@
After
Loss
in
Third
Quarter
10/26/89
10/26/89
10/26/89
WALL
STREET
JOURNAL
(
J
)
WALL
STREET
JOURNAL
(
J
)
BENJ
BENJ
Benjamin
Franklin
Federal
Savings
&
Loan
Association
said
it
plans
to
restructure
in
the
wake
of
a
third-quarter
loss
of
$
7.7
million
,
or
$
1.01
a
share
,
reflecting
an
$
11
million
addition
to
loan-loss
reserves
.
The
Portland
,
Ore.
,
thrift
said
the
restructuring
should
help
it
meet
new
capital
standards
from
the
Financial
Institution
Reform
,
Recovery
and
Enforcement
Act
.
A
year
ago
,
Benjamin
Franklin
had
profit
of
$
1.8
million
,
or
23
cents
a
share
.
In
over-the-counter
trading
yesterday
,
Benjamin
Franklin
rose
25
cents
to
$
4.25
.
The
company
said
the
restructuring
's
initial
phase
will
feature
a
gradual
reduction
in
assets
and
staff
positions
.
The
plan
may
include
selling
branches
,
consolidating
or
eliminating
departments
,
and
winding
down
or
disposing
of
unprofitable
units
within
18
months
.
Initially
,
the
company
said
it
will
close
its
commercial
real-estate
lending
division
,
and
stop
originating
new
leases
at
its
commercial
lease
subsidiary
.
Details
of
the
restructuring
wo
n't
be
made
final
until
regulators
approve
the
regulations
mandated
by
the
new
federal
act
,
the
company
said
.