The Federal Home Loan Bank Board Monday announced a record $1.35 billion cash payout to shut down two insolvent savings institutions in Costa Mesa, Calif.

The bank board, which regulates 3,150 S&Ls, said it will begin on Tuesday to pay off deposits up to the insurance limit of $100,000 in the North America Savings and Loan Association and the American Diversified Savings Bank.M. Danny Wall, bank board chairman, said it was the largest cash payout ever for the agency.

It is paying $1.14 billion from the Federal Savings and Loan Insurance Corp. to American Diversified depositers and $209 million to North America depositers.

After recovering some of its costs by selling the institutions' assets, the bank board expects ultimately to spend $931 million - $798 million for American Diversified and $133 million for North America.

Depositers who had funds above the insurance limit will share in the liquidation proceeds.

Both institutions share the same headquarters and have been insolvent for some time.

Prior to the closing in Costa Mesa, the largest payout was $300 million in 1984 to close the Empire Savings and Loan of Mesquite, Texas.

However, bank board officials expect the cost of several previous bailout packages eventually to be higher than the cost of closing the two thrifts in Costa Mesa.

Last month, the bank board said it was paying $2 billion in assistance - in the form of notes and guarantees, none of it in cash - to the Southwest Savings Association in Dallas to take over four ailing institutions. In November, it announced a $1.3 billion bailout of Vernon Savings and Loan in Dallas, $200 million of it in cash. The rest of the assistance came in the form of notes.

Wall said the bank board prefers to pay a healthier institution to take over insolvent thrifts because it is cheaper for the insurance fund. But in this case, he said the two S&Ls had little value as going concerns because they lacked retail deposits and branch offices. Instead, they relied on high-cost, short-term deposits arranged through brokers.

Wall hailed today's closings as the opening of a second front in the board's drive to remove institutions that have been driving up the cost of funds for all institutions. The first front is Texas, Louisiana and Oklahoma, which have the largest concentration of ailing thrifts.