Fort Lee Federal the First to Fail in Three Weeks

Formerly OTS regulated, and un-ranked, Fort Lee Federal Savings Bank, FSB of Fort Lee, New Jersey, was closed by regulators today. Alma Bank (5164th) of Astoria, New York has agreed to assume all of the approximately $50.7 million in total deposits. As of December 31, 2011, Fort Lee Federal had approximately $51.9 million in total assets of which Alma Bank agreed to purchase only $15.7 million. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.0 million.