OCC Appoints Receiver for American Eagle Savings Bank

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for American Eagle Savings Bank, Boothwyn, Pennsylvania, a federal savings association.  As of September 30, 2011, the institution had approximately $20 million of total assets.

The OCC acted after the institution had experienced substantial dissipation of assets and earnings due to unsafe or unsound practices.  The OCC also found that the institution is likely to incur losses that will deplete its capital and that the institution is critically undercapitalized, and there is no reasonable prospect that it will become adequately capitalized without federal assistance.

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