1
 CenTrust Savings Bank said 
5002
attribution

2
federal thrift regulators ordered it to suspend dividend payments on its two classes of preferred stock, 
5002
span

3
indicating that regulators' concerns about the troubled institution have heightened.
2
cause

4
 In a statement, Miami-based CenTrust said
5005
attribution

5
 the regulators cited the thrift's operating losses and apparent losses in its junk-bond portfolio 
5005
span

6
in ordering the suspension of the dividends.
5
circumstance

7
 Regulators also ordered CenTrust to stop buying back the preferred stock.
5004
elaboration-additional

8
 David L. Paul, chairman and chief executive officer, criticized the federal Office of Thrift Supervision,
5008
span

9
 which issued the directive,
8
elaboration-additional-e

10
 saying 
5011
attribution

11
it was inappropriate 
5011
List

12
and based on insufficient reasons.
5011
List

13
 He said 
14
attribution

14
the thrift will try to get regulators to reverse the decision.
5013
span

15
 The suspension of a preferred stock dividend is a serious step 
5015
span

16
that signals 
17
attribution

17
that regulators have deep concerns about an institution's health.
5016
span

18
 In March, regulators labeled CenTrust a troubled institution, 
5018
span

19
largely because of its big junk-bond holdings and its operating losses.
18
reason

20
 In the same month, the Office of Thrift Supervision ordered the institution to stop paying common stock dividends 
5020
span

21
until its operations were on track.
20
condition

22
 For the nine months 
5022
span

23
ended June 30,
22
elaboration-object-attribute-e

24
 CenTrust had a net loss of $21.3 million, 
5023
Same-Unit

25
compared with year-earlier net income of $52.8 million.
5023
comparison

26
 CenTrust, 
5026
span

27
which is Florida's largest thrift, 
26
elaboration-additional-e

28
holds one of the largest junk-bond portfolios of any thrift in the nation.
5027
Same-Unit

29
 Since April, it has pared its high-yield bond holdings to about $890 million from $1.35 billion.
5029
span

30
 Mr. Paul said 
5031
attribution

31
only about $150 million of the current holdings are tradeable securities 
5031
span

32
registered with the Securities and Exchange Commission.
31
elaboration-object-attribute-e

33
 The remainder, 
5091
span

34
he said, 
33
attribution-e

35
are commercial loan participations, or private placements, 
5034
Same-Unit

36
that aren't filed with the SEC 
5036
List

37
and don't have a ready market.
5036
List

38
 CenTrust and regulators have been in a dispute over market valuations for the junk bonds.
5038
span

39
 The Office of Thrift Supervision has been hounding CenTrust to provide current market values for its holdings,
5039
Contrast

40
 but CenTrust has said 
5041
attribution

41
it can't easily obtain such values
5041
span

42
 because of the relative illiquidity of the bonds and lack of a ready market.
41
result

43
 Regulators have become increasingly antsy about CenTrust's and other thrifts' junk-bond holdings in light of the recent federal thrift bailout legislation and the recent deep decline in the junk-bond market. 
5043
span

44
The legislation requires thrifts to divest themselves of junk bonds in the new, somber regulatory climate.
43
elaboration-additional

45
 In American Stock Exchange composite trading Friday, CenTrust common shares closed at $3, down 12.5 cents.
5042
elaboration-additional

46
 In a statement Friday, Mr. Paul challenged the regulators' decision,
5046
span

47
 saying 
48
attribution

48
the thrift's operating losses and apparent junk-bond losses have been substantially offset by gains in other activities of the bank.
5047
span

49
 He also said 
50
attribution

50
substantial reserves have been set aside for possible losses from the junk bonds.
5049
span

51
 In the third quarter, for instance, CenTrust added $22.5 million to its general reserves.
5049
example

52
 Mr. Paul said
5053
attribution

53
 the regulators should instead move ahead with approving CenTrust's request 
5053
span

54
to sell 63 of its 71 branches to Great Western Bank, a unit of Great Western Financial Corp.
5054
span

55
 based in Beverly Hills, Calif.
54
elaboration-additional-e

56
 The branch sale is the centerpiece of CenTrust's strategy 
5056
span

57
to transform itself into a traditional S&L from a high-flying institution 
5057
span

58
that relied heavily on securities trading for profits, 
57
elaboration-object-attribute-e

59
according to Mr. Paul.
5056
attribution

60
 Most analysts and thrift executives had expected a decision on the proposed transaction,
5060
span

61
 which was announced in July,
60
elaboration-additional-e

62
 long before now.
5061
Same-Unit

63
 Many interpret the delay as an indication 
5063
span

64
that regulators are skeptical about the proposal.
63
elaboration-object-attribute-e

65
 Branches and deposits can be sold at a premium in the event
5065
span

66
 federal regulators take over an institution.
65
elaboration-object-attribute-e

67
 CenTrust, however, touts the branch sale,
5068
span

68
 saying 
5070
attribution

69
it would bring in $150 million
5070
List

70
 and reduce the thrift's assets to $6.7 billion from $9 billion. 
5070
List

71
It said 
5073
attribution

72
the sale would give it positive tangible capital of $82 million, or about 1.2% of assets, from a negative $33 million as of Sept. 30, 
5073
Consequence

73
thus bringing CenTrust close to regulatory standards.
5073
Consequence

74
 CenTrust said 
75
attribution

75
the branch sale would also reduce the company's large amount of good will by about $180 million.
5075
span

76
 Critics, however, say 
77
attribution

77
the branch sale will make CenTrust more dependent than ever on brokered deposits and junk bonds.
5077
span

78
 Mr. Paul counters
5084
attribution

79
 that he intends to further pare the size of CenTrust 
5084
span

80
by not renewing more than $1 billion of brokered certificates of deposit 
5085
span

81
when they come due.
80
circumstance

82
 The thrift is also working to unload its junk-bond portfolio 
5087
span

83
by continuing to sell off the bonds, 
82
means

84
and it plans to eventually place some of them in a separate affiliate, 
5089
span

85
as required under the new thrift law.
84
circumstance

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explanation-argumentative

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evaluation-s

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multinuc
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means

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span
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elaboration-additional

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span
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span

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span
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interpretation-s

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15
elaboration-additional-e

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span
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span

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span
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circumstance

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elaboration-additional

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Same-Unit

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multinuc
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span

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span
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Same-Unit

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multinuc
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elaboration-additional

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span
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background

5029
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5025
circumstance

5030
span
5032
span

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span
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span

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span
29
elaboration-additional

5033
span



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multinuc
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span

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span
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elaboration-additional

5036
multinuc
5034
elaboration-object-attribute-e

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span



5038
span
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span

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multinuc
38
elaboration-additional

5040
span
5039
Contrast

5041
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span

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span

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span
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elaboration-additional

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circumstance

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means

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elaboration-additional

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elaboration-additional

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53
elaboration-object-attribute-e

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elaboration-additional

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56
elaboration-object-attribute-e

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span
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interpretation-s

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span
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Same-Unit

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multinuc
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elaboration-additional

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span
5066
span

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span



5065
span
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explanation-argumentative

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Contrast

5067
multinuc
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evaluation-s

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span
5071
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span
67
means

5070
multinuc
5069
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5067
Contrast

5072
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5082
span

5073
multinuc
5072
span

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span



5075
span
5081
span

5076
span



5077
span
5090
Statement-Response

5078
span



5079
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5086
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5072
elaboration-additional

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span
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elaboration-additional

5083
span



5084
span
5079
span

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span
79
means

5086
span
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Statement-Response

5087
span
5088
List

5088
multinuc
5079
elaboration-additional

5089
span
5088
List

5090
multinuc
5075
antithesis

5091
span
5034
Same-Unit

