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Pennsylvania Bank Falls, Bringing 2012 Total to 47

The ""FDIC"":http://www.fdic.gov/ closed another Pennsylvania institution, bringing the state's year-to-date tally to two and the national tally to 47.

The FDIC approved the payout of the insured deposits of NOVA Bank in Berwyn, Pennsylvania, after the ""Pennsylvania Department of Banking and Securities"":http://www.psc.state.pa.us/portal/server.pt/community/dobs_home/14319 closed the institution. The FDIC was not able to find another financial institution to take over the closed bank's operations and will instead mail checks directly to depositors for the amount of their insured money.

Arrangements have been made with ""National Penn Bank"":http://www.knbt.com/ to accept NOVA's direct deposits from the federal government, such as Social Security, through January 25 of next year.

As receiver, the FDIC will retain all the assets from NOVA Bank for later disposition. As of the end of the second quarter, NOVA had approximately $432.2 million in total deposits and $483 million in assets. The FDIC's Deposit Insurance Fund is expected to take a loss to the tune of $91.2 million.


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