HomeMy WebLinkAboutMINUTES - 09251984 - X.5 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY , CALIFORNIA
Adopted this Order on September 25, 1984 , by the following vote:
AYES: Supervisors Powers , Fanden , Schroder , Torlakson
NOES: None
ABSENT: Supervisor McPeak
ABSTAIN: None
SUBJECT: Closure of Western Community Money Center
Supervisor Robert I . Schroder referred to the recent closure
of the Western Community Money Center and its effect on the 12,500
depositors , particularly some of the elderly who had their life
savings in the Money Center . He noted that the State Department of
Corporations has advised the depositors that the Thrift Guaranty
Corporation , which is the insuring body for all thrifts and loans in
California , will not kick in the insurance until all assets have been
liquidated from the Western Community Money Center. He expressed
concern that most depositors are already in serious financial circum-
stances and simply cannot wait much longer for a satisfactory decision .
On recommendation of Supervisor Schroder , IT IS BY THE BOARD
ORDERED that the Chairman is AUTHORIZED to execute a letter to
Franklin Toms , Commissioner , State Department of Corporations , advising
of the Board' s concern relative to the closure of the Money Center and
urging his assistance is expediting insurance payments to the account
holders .
cc: County Administrator
Supervisor Schroder
I hereby certify that this is a true andccr-oct�.0n%,t
an action taken and er.ered on, Phe of -e
Board of Supervisors on the date shovn.
ATTESTED:
PHIL BAT HELO , e000
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of Supervisors and County Administrator
By v4 t2ep:ciy
SEP
00146