MORRISTOWN, N.J. -- AmBase Corp. said that Carteret Savings Bank, its principal operating subsidiary, received additional time from the Office of Thrift Supervision in order to pursue an unassisted recapitalization of the bank.

The OTS has now established late August as the new time frame for Carteret to demonstrate additional progress.

"Our efforts are now focused on discussions with specific investors that have a serious interest in the bank," said Richard A. Bianco, president and chief executive of AmBase and chairman, president and chief executive officer of Carteret. "There are several different groups that are now conducting due diligence."

On May 29, AmBase announced that the OTS had extended until July 6 the deadline for Carteret Savings to show acceptable progress on its recapitalization program.

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