Regulators Close Dollar Savings Bank in New Jersey

[rodbarnett]

WASHINGTON (AP) - Federal regulators have closed Dollar Savings Bank of Newark, N.J., after finding it had tried to conceal a shift in control and other allegedly improper practices.

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The bank "was in an unsafe and unsound condition to transact business" due to its lack of senior management, deposit withdrawals by its former president, an apparent improper shift in control and failure to properly supervise its mortgage business, according to the Office of Thrift Supervision. It said the bank had attempted to hide its mortgage business and the change in control from regulators

http://ap.tbo.com/ap/breaking/MGA1HAFCSQD.html