WASHINGTON -- The Office of Thrift Supervision placed Jacksonville Federal Savings Bank in receivership and chartered a new federal mutual institution, Jacksonville Federal Savings Association, to take its place.

The OTS said the Florida thrift was operating in an unsafe and unsound condition and had insufficient capital, with no prospect of replenishment without federal assistance.

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.