The Office of Thrift Supervision closed a thrift in Florida recently-the first time since Aug. 9, 1996, that an institution insured by the Savings Association Insurance Fund has failed.
The Federal Deposit Insurance Corp. Friday approved the assumption of all deposits of Oceanmark Bank-a federal savings bank in North Miami Beach- by Third Federal and Loan Associates of Florida, a subsidiary of TFS Financial Inc., Wilmington, Del.
Oceanmark had total assets of $70.6 million and total deposits of $64.2 million in about 2,900 accounts. Oceanmark's main office was reopened Monday as an office of TFS, which paid a premium of $12.5 million for the right to Oceanmark's deposits and to buy $6.3 million of Oceanmark's assets. The FDIC estimated the failure will cost the SAIF $4.4 million.