Unity S&L; Seized: The federal Office of...

Unity S&L; Seized: The federal Office of Thrift Supervision said the Beverly Hills thrift lacked a sufficient financial cushion to protect against losses. The OTS said Unity’s problems were caused by bad loans, poor underwriting, bad records, improper accounting practices and inadequate management. Unity had assets of $466 million as of Dec. 31. The OTS said Unity will remain open for business as usual under the management of the federal Resolution Trust Corp., with accounts remaining insured up to the $100,000 legal limit.