Slavie Federal Savings Bank of Bel Air, Maryland, was closed today by state regulators. To protect
the depositors, the FDIC entered into a purchase and assumption
agreement with, to assume all of
the deposits of Slavie Federal Savings Bank. Bay Bank, FSB agreed to
purchase approximately $129.9 million of the failed bank's assets. It also assumed $111.1 million in total deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $6.6 million.
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