United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-04-20 monographic deposited born digital GA 1.13:GGD-94-109 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-109 P0b002ee180394c04 f:gg94109 DGPO 2010-08-12 2011-03-23 GAOREPORTS-GGD-94-109 machine generated eng fdlp REPORT GAOREPORTS-GGD-94-109 GGD-94-109 Bank failures Financial management Documentation Insured commercial banks Banking law Financial institutions Statistical methods Cost effectiveness analysis Bank management Real estate sales Bank Insurance Fund FSLIC Resolution Fund BIF Letter Report GGD CrossLand Federal Savings Bank in Brookland, New York, represents the most costly bank failure since the passage of the Federal Deposit Insurance Corporation (FDIC) Improvement Act of 1991. FDIC estimates the cost of the CrossLand failure to the insurance fund at nearly $890 million. GAO concludes that FDIC's decision to sell the CrossLand conservatorship to institutional investors through a public offering complied with the law's least-cost calculation and documentation requirements. FDIC did not, however, realize the $517 million in projected cost savings from its January 1992 decision to take interim ownership of CrossLand upon its failure and run it until a decision on final resolution was reached. The alternative was to sell the bank's insured deposits and other liabilities but none of its assets to an acquirer. FDIC now pegs those savings at about $333 million. FDIC officials said that the projected savings were not realized mainly because CrossLand's assets proved to be in worse shape than indicated in FDIC's initial valuation before the January 1992 resolution decision. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-94-109/html/GAOREPORTS-GGD-94-109.htm GAO/GGD-94-109 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-109 Letter Report GAO/GGD-94-109; Failed Bank: FDIC Sale of CrossLand Conservatorship Satisfied Least-Cost Test; Bank failures Financial management Documentation Insured commercial banks Banking law Financial institutions Statistical methods Cost effectiveness analysis Bank management Real estate sales Bank Insurance Fund FSLIC Resolution Fund BIF