FIs closed: Public Savings Bank, Huntingdon Valley, Pennsylvania , USA
On Thursday, 18 August, 2011, Public Savings Bank, Huntingdon Valley, PA was closed by the Pennsylvania Department of Banking and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Capital Bank, National Association, Rockville, Maryland, to assume all of the deposits of Public Savings Bank.
The sole branch of Public Savings Bank will reopen on Friday (today) as a branch of Capital Bank, National Association. Depositors of Public Savings Bank will automatically become depositors of Capital Bank, National Association.
As of June 30, 2011, Public Savings Bank had approximately USD46.8 million in total assets and USD45.8 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD11.0 million.
Public Savings Bank is the 65th FDIC-insured institution to fail in the USA this year and the first in Pennsylvania.
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