OCC Appoints Receiver for Second Federal Savings and Loan Association of Chicago

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Second Federal Savings & Loan Association of Chicago, Chicago, IL, a federal savings association. As of March 31, 2012, the institution had approximately $199 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 is likely to incur losses that will deplete 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 institution.