Notes to Consolidated Financial Statements
for the Three Years in the Period Ended June 30, 1999
5. INVESTMENTS IN JOINT VENTURES
The Bank has invested in joint ventures through its subsidiary,
Home Savings Corporation ("HSC"). The investments, including
loans, are accounted for by the equity method. The Bank's interest in
these investments is as follows: (in thousands)
Summarized, condensed, unaudited financial statements for these
joint ventures are as follows: (in thousands)
The notes payable included $5.2 million and $2.9 million due to
HSC and $140,000 and $143,000 due to the Bank at June 30, 1999
and 1998, respectively. At June 30, 1999 and 1998, open commitments
to these joint ventures included letters of credit totaling $1.6 million
and $1.3 million, respectively.
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