Federal regulators have shuttered a bank in Fort Lee, bringing to 17 the number of banks that have failed so far this year.

FDIC's Arlington, Virginia campus
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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.

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