Bank Failure
Metropolitan Savings Bank
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Closed February 2, 2007 · Pittsburgh, PA · FDIC Cert #35353.
- Closing date
- February 2, 2007
- Headquarters
- Pittsburgh, PA
- FDIC Certificate
- 35353
- Total assets at closing
- $15.8M
- Total deposits at closing
- $14.5M
- Estimated loss to the insurance fund
- $9.4M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Allegheny Valley Bank of Pittsburgh
Context
On February 2, 2007, regulators closed Metropolitan Savings Bank, headquartered in Pittsburgh, PA. At closing, the institution held approximately $15.8M in assets and $14.5M in deposits. The FDIC record names Allegheny Valley Bank of Pittsburgh as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $9.4M.
By assets at closing this is the 2507th largest of the 3,526 bank failures in the FDIC record, and the 3rd of 3 in 2007. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Metropolitan Savings Bank fail?
Metropolitan Savings Bank was closed by regulators on February 2, 2007.
Who acquired Metropolitan Savings Bank?
The FDIC record names Allegheny Valley Bank of Pittsburgh as the acquiring institution in the resolution of Metropolitan Savings Bank.
How big was Metropolitan Savings Bank when it failed?
Metropolitan Savings Bank had approximately $15.8M in total assets and $14.5M in deposits at the time of failure.
Other failures in 2007
| Date | Bank | Assets |
|---|---|---|
| Oct 4, 2007 | Miami Valley Bank | $125.4M |
| Sep 28, 2007 | Netbank | $2.47B |
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