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The General Accounting Office (GAO) has charged the Federal Deposit Insurance Corp (FDIC) with violating the law in seizing CrossLand Savings FSB. The GAO claims that the FDIC did not properly document its decision to takeover the thrift and failed to choose the least costly alternative to solve CrossLand's financial problems. The FDIC claims it complied with the FDIC Improvement Act of 1991 and says the cheapest way to deal with CrossLand was to install FDIC-appointed managers, infuse the bank with $1.2 billion in capital and then sell the bank after a few years., WASHINGTON -- The General Accounting Office charged last week that the Federal Deposit Insurance Corp.'s takeover of Crossland Savings violated the law. The FDIC neglected to adequately document that its [...]

The Federal Deposit Insurance Corp, ostensibly acting in accordance with the 'least cost' standard enacted in the 1991 FDIC Improvement Act, has set conflicting precedents in its handling of two failed banks. The agency sold Fort Worth, TX-based Landmark Bank after seizing it Feb 6, 1992, but decided to invest $1.5 billion to retain and operate Brooklyn, NY-based Crossland Savings, seized Jan 24, 1992., No sooner had the ink dried on the 1991 financial legislation than the Federal Deposit Insurance Corp. established two clashing precedents, both presumably in accordance with its 'least cost' mandate. [...]

There is some question as to the accuracy of Federal Deposit Insurance Corp (FDIC) figures concerning the cost savings associated with the nationalization of savings and loan association (S&L) CrossLand Savings FSB. The FDIC reported that it could achieve a $500 million savings by running the S&L until 1994. The agency further reported that selling the thrift now would result in a $1.3 billion loss., WASHINGTON--Critics are charging that the Federal Deposit Insurance Corp. has significantly overstated the benefits of nationalizing Crossland Savings. When the Brooklyn thrift was seized in January, the agency said it [...]

Oak Tree, Crossland Top List of Insolvent Thrifts Oak Tree Savings Bank, Miami, and Crossland Savings, New York, retained their positions as the most insolvent thrifts in the nation and [...]

Crossland Put on Sale After Posting Big Loss The Office of Thrift Supervision said Tuesday that it has put capital-poor Crossland Savings, the nation's 14th-largest thrift, on the auction block. [...]

A private investor client of Eastern Consolidated Properties, Inc. has purchased 116 Nassau Street and 104 Nassau Street, situated in the heart of downtown Manhattan. Eastern Consolidated, the New York-based [...]

NEW YORK - Crossland Federal Savings Bank said it grossed $2 million by selling 33 vacant apartments in nine Manhattan cooperatives. The sales at an auction on Oct. 4 were [...]

Comparing the Federal Deposit Insurance Corp. to a 'bleary-eyed gambler,' House Banking Committee Chairman Henry B. Gonzalez last week said the agency has made a questionable bet that a Brooklyn-based [...]

Resolution of failing banks and savings and loans should proceed as quickly as possible to minimize the cost to healthy banks and the public. A valid resolution consists of immediate private-sector risk capitalization of the failed institution or acquisition of the failed institution by one that remains sufficiently privately capitalized. The recent attempt at bailing out Crossland Savings by the Federal Deposit Insurance Corp and the Resolution Trust Corp is offered as an example of a major mistake., Early-resolution and assisted-merger policies for failing banks and thrifts are still plagued by muddled thinking. The Thrift Depositor Protection Oversight Board has added to this muddle by failing to define [...]

The failure of Crossland Savings Bank and the subsequent transfer of its assets to a newly chartered bank owned and run by the Federal Deposit Insurance Corp (FDIC) may create problems. Traditionally, the FDIC liquidated or transferred assets from a failed bank to a healthy institution. In analyzing bids for Crossland, The FDIC determined that removing assets from the troubled thrift would result in greater losses then leaving them in a bank run by the government. One of the problems with this strategy is that it is not consistent with the need to encourage banking and thrift institutions to consolidate in a saturated market., On Jan. 24, the $7.4 billion-asset Crossland Savings Bank was closed and its business transferred to a newly chartered savings bank owned and operated by the Federal Deposit Insurance Corp. [...]

CROSSLAND SAVINGS (LI hqs, Garden City), one of the nation's largest thrifts, posted a whopping $143.5-M third quarter deficit that continues a flood of red ink. The government prefers to [...]

Washington Mutual of Seattle Acquires Crossland Deposits SEATTLE - Washington Mutual Savings Bank said it has completed the acquisition of $187 million of deposits at 25 Crossland Savings offices in [...]

Crossland capital plan: CrossLand Savings (NYSE, Brooklyn), with nine branches on LI, said it received regulatory approval for a plan to strengthen its capital ratios and avoid government seizure. As [...]