OCC Appoints Receiver for First East Side Savings Bank, Tamarac, Florida

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for First East Side Savings Bank, Tamarac, Florida, a federal savings association. As of June 30, 2012, the institution had approximately $67 million in 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, the institution is critically undercapitalized, and there is no reasonable prospect that the institution will become adequately capitalized.

The FDIC will release information about the resolution of the bank.