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Article: Failure of Pa. Bank Is FDIC's First Since '04.(Metropolitan Savings Bank )(Federal Deposit Insurance Corp.)
- Article from:
- American Banker
- Article date:
- February 5, 2007
- Author:
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WASHINGTON -- The Federal Deposit Insurance Corp. announced the closure of the $15.8 million-asset Metropolitan Savings Bank in Pittsburgh on Friday.
The state-chartered bank, established in 1892, had "significantly impaired" capital and was "operating in an unsafe and unsound condition to transact business," according to a written order obtained by American Banker.
The order, which was filed in the Court of Common Pleas of Allegheny County by the Pennsylvania Department of Banking, also said Metropolitan Savings "has refused to cooperate and submit records and affairs to duly authorized examiners in connection with a lawful examination and ...