OCC Appoints Receiver for Lydian Private Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Lydian Private Bank, Palm Beach, Florida, a federal savings association.  As of June 30, 2011, the institution had approximately $1.7 billion of total assets.  

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

Information about the FDIC’s resolution of the institution will be released later by the FDIC.