Safety and Soundness: Failed Bank Review of American Eagle Savings Bank, Boothwyn, Pennsylvania. Audit Report.

摘要

This memorandum presents the results of our review of the failure of American Eagle Savings Bank (American Eagle), located in Boothwyn, Pennsylvania, and the former Office of Thrift Supervision’s (OTS) supervision of the bank. OTS regulated American Eagle until July 21, 2011, when the Office of the Comptroller of the Currency (OCC) assumed regulatory responsibility for federal savings associations pursuant to P.L. 111-203. American Eagle opened in January 1917 under its former name, American Eagle Savings and Loan Association. In 1999, the bank changed from a state charter to a federal charter, and changed its name to American Eagle Savings Bank. OCC closed American Eagle and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver on January 20, 2012. At the time of closure, American Eagle had approximately $19.6 million in total assets. As of April 30, 2012, FDIC estimated the loss to the Deposit Insurance Fund to be $6.2 million. Because the loss to the Deposit Insurance Fund is less than $150 million, as set forth by section 38(k) of the Federal Deposit Insurance Act (FDIA), we conducted a review of the failure of American Eagle that was limited to (1) ascertaining the grounds identified by OCC for appointing the FDIC as receiver and (2) determining whether any unusual circumstances exist that might warrant a more in-depth review of the loss. In performing our review we (1) examined documentation related to the appointment of FDIC as receiver, (2) reviewed OTS reports of examination for the 5-year period before the bank’s failure, and (3) interviewed OCC personnel.