Pennsylvania regulators today closed Tioga-Franklin Savings Bank in Philadelphia and appointed the FDIC as receiver. Second Federal Savings and Loan Association of Philadelphia agreed to assume all deposits and purchase substantially all assets of the bank.
As of June 30, Tioga-Franklin Savings Bank reported total assets of $68 million and total deposits of $67 million, according to the FDIC.
The FDIC preliminarily estimates that the failure will cost the Deposit Insurance Fund approximately $5.5 million. The estimate will change over time as retained assets are sold.
