The Federal Home Loan Bank Board yesterday conditionally approved two more applications for federal insurance of institutions that have been members of the Ohio Deposit Guarantee Fund.

Meanwhile, virtually all Ohio savings and loans ordered closed most of last week because of a banking emergency reopened for at least limited service yesterday. The crisis of depositor confidence in privately insured thrifts followed the collapse of Cincinnati-based Home State Savings Bank.

The bank board announcement brings to 17 the number of former ODGF-insured institutions that conditionally have been approved for Federal Savings and Loan Insurance Corp. coverage in the past 10 days. The bank board said this demonstrates its commitment to expediting applications for FSLIC insurance of Ohio thrifts that qualify.

The Ohio institutions conditionally approved for insurance of accounts are First Northwest Savings & Loan Co. in Cincinnati, with assets of $11.1 million, and Union Savings Bank of Loveland, with assets of $27.4 million. Both were approved for membership in the Federal Home Loan Bank System.

Bank Board Chairman Edwin Gray said all conditional approvals were made after standard requirements were met.

The two new conditional approvals cover institutions with aggregate assets of $38.5 million. Gray said the bank board will continue its unprecedented effort to expedite the processing of applications for insurance of accounts from qualified Ohio institutions.

Meanwhile, the city of Beaumont, Tex., filed a $20 million lawsuit in U.S. District Court in Miami against Alexander Grant & Co. and Jose Gomez, the accounting firm's former managing partner in Miami, the Dow Jones News Service reported. The suit alleges that Gomez and his accounting firm aided and abetted E.S.M. Government Securities Inc. in defrauding Beaumont. Last week, the Securities and Exchange Commission filed suit charging that Gomez was paid $125,000 by officers of E.S.M. to cover up its financial troubles.

The collapse of E.S.M. led to the collapse of Home State Savings Bank in Cincinnati, which started the banking crisis in Ohio.

Dow Jones also reported that Home State Savings Bank, through its conservator, Arlo M. Smith, sued Marvin L. Warner, the controlling shareholder of Home State, and other Home State officers for alleged breach of fiduciary duty, negligence and reckless misconduct in managing the affairs of Home State. The suit, filed in Common Pleas Court in Hamilton County, Ohio, asks $144 million in compensatory damages and $288 million in punitive damages.

Meanwhile, a state lawmaker was completing work on legislation designed to speed up the acquisition of Home State.