OCC Appoints Receiver for GreenChoice Bank, fsb, Chicago

WASHINGTON – The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for GreenChoice Bank, fsb, Chicago, Ill., a federal savings association. As of March 31, 2014, the institution had approximately $72.9 million in total assets.

The OCC acted after finding that the institution had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the institution incurred losses that depleted its capital, the institution is critically undercapitalized, and there is no reasonable prospect that the institution will become adequately capitalized.

The FDIC will release information about the resolution of the institution.