LITTLE FALLS — The Federal Deposit Insurance Corporation approved the payout of the insured deposits of Home Savings of America, Little Falls.
The bank was closed Friday by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver.
The FDIC reported it was unable to find another financial institution to take over the banking operations of Home Savings of America. The FDIC will mail directly to depositors of Home Savings of America, checks for the amount of their insured money.
Customers with questions about the transaction, including those with accounts in excess of $250,000, should call the FDIC at (800) 523-8089. Interested parties also may visit the FDIC’s Web site at http://www.fdic.gov/bank/individual/failed/homesvgs.html.
Beginning Monday, depositors of Home Savings of America with more than $250,000 at the bank may visit the FDIC’s Web page “Is My Account Fully Insured?” at http://www2.fdic.gov/dip/Index.asp to determine their insurance coverage.
As of Dec. 31, 2011, Home Savings of America had $434.1 million in total assets and $432.2 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.
The FDIC, as receiver, reports it will retain all the assets from Home Savings of America for later disposition. Loan customers should continue to make their payments as usual.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $38.8 million. Home Savings of America is the 11th FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution closed in the state was Patriot Bank Minnesota, Forest Lake, on Jan. 27, 2012.