Friday, August 14, 2009

Bank Failure #73: Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania

by Bill McBride on 8/14/2009 04:38:00 PM

NOTE: This bank was on the Problem Bank List (Unofficial) released earlier. The bank had received a "PROMPT CORRECTIVE ACTION DIRECTIVE" on May 5th, and that is basically a "Hail Mary pass." - usually means failure.

Dwelling House= Flop House
Bureaucrats to clean up mess
We are new slum lords

by Soylent Green is People

From the FDIC: PNC Bank, National Association, Pittsburgh, Pennsylvania, Assumes All of the Deposits of Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania
Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2009, Dwelling House Savings and Loan Association had total assets of $13.4 million and total deposits of approximately $13.8 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.8 million. ... Dwelling House Savings and Loan Association is the 73rd FDIC-insured institution to fail in the nation this year, and the first in Pennsylvania. The last FDIC-insured institution to be closed in the state was Metropolitan Savings Bank, Pittsburgh, on February 2, 2007
Just a tease ... but look at the losses as a percent of total assets.

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