Federal regulators have shuttered a bank in New Jersey, 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, inFort Lee, N.J.
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.