New deadline set to allow Pa. bank to raise capital

January 01, 1991|By Knight-Ridder News Service

PHILADELPHIA -- The organizers of United Bank of Philadelphia said yesterday they would extend the deadline by two months to raise capital for what would be Pennsylvania's only black-owned commercial bank.

In September, when it received a conditional charter from the state Banking Department, United Bank set the last day of 1990 as its deadline to raise $5 million in start-up capital. The new deadline, which has been approved by the Banking Department, is Feb. 28.

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