OCC Appoints Receiver for Carolina Federal Savings Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Carolina Federal Savings Bank, Charleston, South Carolina, a federal savings association.  As of March 31, 2012, the institution had approximately $54.4 million in total assets.

The OCC acted after finding that the institution had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices.  The OCC also found that the institution incurred losses that depleted its capital, the institution is undercapitalized, and there is no reasonable prospect that it will become adequately capitalized.

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