The Pennsylvania Department of Banking has closed Huntingdon Valley, Pa.-based Public Savings Bank, the Federal Deposit Insurance Corp. (FDIC) reports. Rockville, Md.-based Capital Bank NA has agreed to assume the deposits and purchase essentially all of the assets of Public Savings Bank.
As of the end of the second quarter, the failed bank held about $46.8 million in total assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $11 million. Public Savings Bank is the first bank to be closed in Pennsylvania this year, but is the 65th closure nationwide.
