Philadelphia’s Tioga-Franklin Savings Bank has become the nation’s fifth bank failure of the year.
The $68 million-asset Black-owned bank was closed on Friday by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corp. (FDIC) as receiver. The FDIC entered into an agreement with Second Federal Savings and Loan Association of Philadelphia to assume all deposits and purchase substantially all assets of Tioga-Franklin Savings Bank.
The bank first opened on March 31, 1873, as the Tioga Building and Loan Association in Philadelphia. Its sole branch is now operating as a branch of Second Federal Savings and Loan Association of Philadelphia.
Other banks that failed this year include Metropolitan Capital Bank & Trust of Chicago, which closed on Jan. 30; Community Bank and Trust – West Georgia of LaGrange, Georgia, which was shuttered on May 1; Kentland Federal Savings and Loan Association in Kentland, Indiana, which ceased operations on July 10; and Small Business Bank of Lenexa, Kansas, which was wound down on July 17.
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