New Jersey Bank Fails; 2012 Tally at 17
NEW 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.
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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV