The FHLBB closed Western Community S&L;.

The Federal Home Loan Bank Board directed the Federal Savings & Loan Insurance Corp. to transfer the El Cerrito, Calif.-based S&L;’s insured accounts to First United Federal Savings Bank, a newly formed California-based unit of Atlantic Financial Federal of Bala Cynwyd, Pa. The bank board closed Western Community because the institution was insolvent. Western Community was a state-chartered stock association with two offices, $110.6 million in assets and about $5 million in deposits.