WASHINGTON -- The Office of Thrift Supervision is seeking $119 million in restitution and $3 million in penalties from Cityfed Financial Corp. and its directors, the agency announced Friday.
That Nantucket, Mass., holding company was the parent of Bedminster, N.J.-based City Federal Savings Bank until December, 1989, when the the $10.4 billion-asset thrift failed. The OTS charged that the holding company and directors violated a net worth agreement.
The OTS seeks $118.4 million in restitution and $2.6 million in penalties from the holding company; the balance from seven Cityfed directors who had been directors of the failed thrift.
They are: Gordon E. Allen of Marston Mills, Mass.; John W. Atherton, Jr., of Summit, N.J.; Edwin M. Halkyard of Mountain Lakes, N.J.; Alfred J. Hedden of Mendham, N.J.; Peter R. Kellogg of Short Hills, N.J.; William A. Liffers of Franklin Lakes, N.J., and Gilbert G. Roessner of North Palm Beach, Fla.
