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OCC Appoints Receiver for Fort Lee Federal Savings Bank

The Office of the Comptroller of the Currency (OCC) yesterday appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Fort Lee Federal Savings Bank, Fort Lee, New Jersey, a federal savings association. As of December 31, 2011, the institution had approximately $51.9 million in total assets.

The OCC acted after finding that the institution had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices. The OCC also found that the institution incurred losses that depleted its capital, the institution is critically undercapitalized, and there is no reasonable prospect that it will become adequately capitalized without federal assistance.

OCC Appoints Receiver for Fort Lee Federal Savings Bank
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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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