Benj. Franklin sells $1.31 billion in assets. (Benjamin Franklin Federal Savings and Loan Association)

Benj. Franklin sells $1.31 billion in assets

Thrift rids itself of loans, securities and real estate in preparation for sale in September

In what may be one of the largest sales of assets in the history of Oregon financial institutions, The Benj. Franklin Federal Savings and Loan Association has in the last four months shrunk the size of the thrift by nearly 30 percent, or $1.31 billion.

And it isn't finished yet. As part of efforts by the Resolution Trust Corp. (RTC) to ready the savings and loan for sale, Benj. Franklin hopes to sell another approximately $300 million in loans, securities and real estate by the end of August. That would reduce Benj. Franklin's total assets from $4.66 billion last December to about $3 billion, a whopping 35 percent decrease.

RTC initiated the asset sale largely to strengthen the thrift's balance sheet, thus making the …