Los Angeles-based Bank Plus Corp. and its bank subsidiary Fidelity Federal Bank continue to recover from losses related to its venture into sub-prime credit cards. According to the bank’s latest earnings report, FFB incurred a third quarter net loss of $59.8 million, primarily the result of provisions for estimated loan losses of $51.8 million and the write-off of $8.2 million in fees due to the bank from one of its credit card marketers, MMG Direct Inc.. FFB’s FDIC insurance premium rate will also increase to 0.30% of deposits beginning in the first quarter of 1999 from its current level of 0.09%. As of Sept. 30, total outstanding credit card balances were $311 million and the number of cards issued exceeded 340,000. Delinquencies of 30 days or more for the total credit card portfolio were 16.0%. The sub-prime credit card program with MMG accounted for $165 million of the outstanding balances and over 260,000 accounts, and the sub-prime program with American Direct Credit LLC had $123 million of the outstanding balances and over 70,000 accounts. At the quarter end the MMG and ADC programs together accounted for 92% of the total outstanding credit card balances, and delinquencies under the MMG and ADC programs were 19.5% and 13.4%, respectively. However, as of Oct. 31, outstanding balances and delinquencies under the MMG and ADC programs were $168 million and 25.7%, and $133 million and 12.4%, respectively. Bank Plus has since terminated the MMG program and is currently winding down the ADC program. For complete 3Q financials for Bank Plus visit CardData ([www.carddata.com]).