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Failed Bank: FDIC Sale of CrossLand Conservatorship Satisfied Least-Cost Test

GGD-94-109 Published: Apr 20, 1994. Publicly Released: Apr 20, 1994.
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Highlights

Pursuant to a congressional request, GAO reviewed the Federal Deposit Insurance Corporation's (FDIC) resolution actions regarding the failed CrossLand Federal Savings Bank of Brooklyn, New York, focusing on whether FDIC: (1) complied with the least-cost calculation and documentation requirements; and (2) projected cost savings were realized when FDIC took interim ownership of CrossLand until a final resolution alternative could be determined.

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