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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.