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.

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 Coverage

Fort 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:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.


-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.