The sole branch of a failed Philadelphia savings bank was scheduled to reopen Monday after its deposits were assumed, and “substantially all” its assets were purchased, by another savings bank in the city, the federal insurer of bank deposits said late Friday.
The Federal Deposit Insurance Corp. (FDIC) in a release gave no reason for the closure of Tioga Franklin Savings Bank, except to say that its failure is estimated to cost the agency’s Deposit Insurance Fund (DIF) approximately $5.5 million. The estimate will change over time as retained assets are sold, the FDIC said.
Tioga-Franklin was closed by the Pennsylvania Department of Banking and Securities, which appointed the FDIC as receiver. The bank’s deposits and assets were assumed and purchased by Second Federal Savings and Loan Association, also of Philadelphia.
Tioga-Franklin, of as June 30, held total assets of $68 million and total deposits of $67 million, according to the FDIC.
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