Investor group takes over S&L in Philadelphia.

PHILADELPHIA -- A group of private Philadelphia investors has taken over the ailing $1 million-asset Lee Savings and Loan Association following a supervisory conversion from a mutual to a stock S&L approved by the Pennsylvania Department of Banking.

Plans to expand the association, renamed the City Savings and Loan Association, will be announced later, according to C. Clay von Seldeneck, one of the investors and chairman of City Savings. Mr. von Seldeneck, who is senior vice president and chief financial officer of the Fidelity Mutual Life Insurance Co. of suburban Radnor, Pa., emphasized that his interest in the thrift is as a personal investment.

Alan …