Rockville bank to assume deposits of shuttered Pa. bank

First bank failure this year in Pennsylvania

August 18, 2011|By Eileen Ambrose, The Baltimore Sun

Capital Bank, National Association of Rockville has agreed to assume the deposits and buy nearly all the assets of a Pennsylvania bank that was closed by regulators Thursday, according to the Federal Deposit Insurance Corp.

Pennsylvania regulators closed Public Savings Bank in Huntingdon Valley, Pa., making it the first bank failure in that state this year but the 65th in the nation, the FDIC said.

Public Savings had about $45.8 million in deposits and $46.8 million in assets at the end of June.

The failed bank had one branch, which will reopen Friday as part of Capital Bank. The FDIC said the failure is expected to cost the federal insurance fund $11 million.

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