Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, April 20, 2012
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.