In addition, a bank board official said the agency could announce two more $1 billion transactions in the next two weeks under its Southwest Plan.

Over all, the bank board's Southwest Plan calls for a consolidation of about 140 Texas savings institutions in the next few years.

With such dismal results, critics are saying that the Southwest Plan amounted to nothing more than a Government giveaway.

Under the Southwest Plan, buyers were required to take all the assets of an insolvent institution, both good and bad.

A year ago the bank board drafted its Southwest Plan to deal with 104 ailing institutions in the region.

"The Southwest Plan is vague, and perhaps deliberately vague, as to how much reality the regulators are going to acknowledge," he said.

Several executives of financial organizations familiar with the Southwest Plan said privately that tax advantages are the main attraction.

Ferguson & Company said it represents thrift institutions with $50 billion in assets that are being affected by the Southwest Plan.

"Some deals may look a lot like the deals you saw in the Southwest Plan," he said.

But the President's plan to resuscitate the savings industry with $126 billion ended the Southwest Plan.