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FDIC Shuts Small Pennsylvania Bank; 65th In 2011

Friday, August 19, 2011 - 9:32 AM
From AP via Yahoo! Finance
Regulators on Thursday shuttered a small bank near Philadelphia, boosting to 65 the number of U.S. bank failures this year.

The pace of closures has slowed as the economy has slowly improved and banks work their way through the bad debt accumulated in the Great Recession. By this time last year, regulators had shuttered 118 banks.

The Federal Deposit Insurance Corp. seized Public Savings Bank in Huntingdon Valley, Pa., with one branch, $46.8 million in assets and $45.8 million in deposits. Capital Bank, based in Rockville, Md., agreed to assume the assets and deposits of the failed bank.

The failure of Public Savings Bank is expected to cost the deposit insurance fund $11 million.

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4
WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
1. Friday, August 19, 2011 - 1:26 PM
Thanks for the post. This was one of the rare non-Friday bank closures.

I've just found the reason the FDIC chose Thursday instead of Friday. I'll be posting the reason in my bank failure summary later today (for added suspense). Extra credit goes to anyone who finds out before then ;-)
2
Ken TuminKen Tumin5,468 posts since
Nov 29, 2009
Rep Points: 125,029
2. Friday, August 19, 2011 - 1:38 PM
@Ken, I bet it had something to do with the community that the bank served. I'll say no more! My lips are sealed. Torture is useless. :-)
3
WhataBummerWhataBummer413 posts since
Oct 15, 2010
Rep Points: 1,702
3. Friday, August 19, 2011 - 3:46 PM
Another clue: LibertyPointe bank was closed on Thursday for the same reason.
3
mariafaltermariafalter57 posts since
Jun 6, 2010
Rep Points: 222
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