WASHINGTON -- The Federal Deposit Insurance Corp. expects to spend $430 million to cover the failure on Friday of American Savings Bank, a $3.2 billion-asset thrift in White Plains, N.Y.
As expected, the bank was seized Friday and the FDIC split its $2.8 billion in insured deposits and 39 branches among eight area banks.
Bank of New York Co. will absorb nine offices: six in Nassau County and three in Manhattan and Brooklyn.
Republic New York Corp. will pick up eight branches and Banco Popular de Puerto Rico will acquire seven, all in Brooklyn and Manhattan.
First Fidelity Bancorp, based in Lawrenceville, N.J., bought five branches in the Bronx and Westchester, marking its entry into the New York market.
The remaining 10 branches were split among Queens County Savings Bank, Flushing, N.Y.; First Federal Savings and Loan of Rochester; Commercial Bank, Manhattan; and Roslyn Savings Bank, Roslyn, N.Y.
Chase Manhattan Corp did not buy any branches, contrary to a report in this paper Friday.
The FDIC could not sell any of the bank's $3.2 billion in assets.