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FDIC Shuts Down Fort Lee Federal Savings
The Federal Deposit Insurance Corp (FDIC) announced the closing of New Jersey based Fort Lee Federal Savings Bank. This brings the total number of failed banks to 17 so far in 2012. As of December 31, 2011, Fort Lee Federal Savings Bank, FSB had approximately $51.9 million in total assets and $50.7 million in total deposits.
Alma Bank in Astoria, New York has agreed to assume all of the failed bank's deposits for a 1.85% premium and will buy roughly $15.7 million of its assets.
The FDIC Insurance Fund Cost
The FDIC estimates that the bank failure will cost the Deposit Insurance Fund close to $14 million. Compared to 2010, in which an average of thirteen banks were closing per month, 2012 averages only four bank failures per month.