OCC Appoints Receiver for Bank USA, N.A.

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Bank USA, N.A., Phoenix, Arizona. As of June 30, 2009, the Bank had approximately $185 million of total assets.

The OCC acted after finding that the Bank had incurred losses, including substantial losses attributable to write-downs on its investments in GSE securities, and will likely incur losses that will deplete all or substantially all of its capital, that the Bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices, and there is no reasonable prospect that the Bank will become adequately capitalized without Federal assistance.

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