Regulators Close Fort Lee Bank
Federal regulators have shuttered a bank in Fort Lee, bringing to 17 the number of banks that have failed so far this year.
The Federal Deposit Insurance Corp. said Friday that it closed Fort Lee Federal Savings Bank, FSB, in Fort Lee.
The bank, with has a single branch, had about $51.9 million in assets and $50.7 million in deposits as of Dec. 31.
Alma Bank of Astoria, N.Y., agreed to assume Fort Lee Federal Savings Bank’s deposits and $15.7 million of its assets.
The FDIC estimates that Fort Lee Federal Savings Bank’s failure will cost the insurance fund $14 million.
Fort Lee Federal Savings Bank is the first FDIC-insured institution in New Jersey to fail this year.