Business Services Industry
Losing bids reveal high price for Transohio. (TransOhio Federal Savings Bank)
Crain's Cleveland Business, August, 1994 by Shingler, Dan
A consortium organized out of Washington, D.C., and a former thrift regulator heading a minority group of investors both failed in their attempts to buy Transohio Federal Savings Bank. Their efforts to purchase the thrift's remaining $1.2 billion in deposits and 56 northeastern Ohio branches from the federal government were beaten by more aggressive buyers that bid up the price of the institution.
The thrift, which failed and was taken over by the government's Resolution Trust Corp. in July 1992, was put up for bid this summer. Bids were received by the RTC Aug. 11, and the institution is set to change hands the weekend of Sept. 16, said executives of banks and thrifts that bid on Transohio's branches. Until that weekend, the government isn't likely to make any...
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