New Jersey Bank Fails; 2012 Tally at 17
By Philip van Doorn - 04/20/12 - 7:00 PM EDTNEW YORK (TheStreet) -- The Office of the Comptroller of the Currency on Friday closed Fort Lee Federal Savings Bank of Fort Lee, N.J., bringing this year's total number of bail failures to 17. The failed thrift was previously included in TheStreet's fourth-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by HighlineFI. Fort Lee Federal Savings Bank had roughly $51.9 million in total assets and $50.7 million in deposits when it failed. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution's deposits for a 1.85% premium to Alma Bank of Astoria, N.Y. In addition to the deposits, Alma Bank took on 15.7 million of the failed thrift's deposits, with the FDIC retaining the rest for later disposition. Fort Lee Federal Savings Bank's office was set to reopen Saturday as a branch of Alma Bank. The FDIC estimated the cost of Fort Lee Federal Savings Bank's failure to the deposit insurance fund would be $14.0 million.
Thorough Bank Failure CoverageFort Lee Federal Savings Bank was the first New Jersey institution to fail this year. All 430 previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
Latest news from section
See all news From Financial Services