
The failure of Fort Lee Federal Savings Bank, New Jersey's first bank failure of 2012, will cost the Federal Deposit Insurance Corp. about $14 million. Of the five banks to fail statewide since the start of the financial crisis in 2008, that sum is the smallest yet. 2011's failure of First State Bank in Cranford at $45.8 million was the most expensive for the FDIC, among the New Jersey insolvencies. And smaller, of course, is better for managers of the fund that backs customers' deposits up to $250,000. The organizers of Fort Lee Federal Saving Banks were Haralambos S. Kostakopoulos, Yasemin K. Kostakopoulos, Douglas J. Cestone, Paul Oesterle and Anthony J. Sansiveri. The organizers submitted the bank application on June 16, 2000. Kostakopoulos couple was known their support to Turkish American community.