- FDIC Approves the Payout of the Insured Deposits of Ideal Federal Savings Bank
- July 26, 2010
- Law Firm: Alston Bird LLP - Atlanta Office
On Friday, the Office of Thrift Supervision closed Ideal Federal Savings Bank, headquartered in Baltimore, Maryland, and the FDIC was appointed receiver. The FDIC was unable to find another institution to assume the operations of the failed bank, so it approved the payout of its insured deposits.
As of March 31, 2010, Ideal Federal Savings Bank had approximately $6.3 million in total assets and $5.8 million in total deposits. The FDIC will retain all of the assets for later disposition with the exceptions of cash, correspondent accounts, and loans fully secured by deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $2.1 million. Ideal Federal Savings Bank is the 88th FDIC-insured institution to fail in the nation this year and the third in Maryland (and the second of two Maryland banks closed on Friday).