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Office of the Comptroller of the Currency
Bay Bank assumes deposits, most loans of failed Bel Air thrift
Bay Bank assumes deposits, most loans of failed Bel Air thrift

Bay Bank has agreed to assume the deposits and most of the assets of Slavie Federal Savings Bank after federal regulators closed the institution with offices in Bel Air and Baltimore. The federal Office of the Comptroller of the Currency closed Bel Air-based Slavie on Friday night. Lutherville-based Bay Bank agreed to assume Slavie's deposits — about $115 million — and buy $94 million of the thrift's loans from the Federal Deposit Insurance Corp., which manages the assets of failed banks. The FDIC will retain about $10 million of Slavie's assets, including its foreclosed real estate. The FDIC said the failure is expected to cost the federal insurance fund $6.6...

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