Tioga-Franklin Savings Bank in Philadelphia has failed.
The bank was closed today by the Pennsylvania Department of Banking and Securities, which appointed the Federal Deposit Insurance Corp. as receiver. The FDIC sold all deposits and substantially all assets to Second Federal Savings and Loan Association of Philadelphia.
Tioga-Franklin had $68 million of assets and $67 million of deposits.
The FDIC estimated that the failure will cost the Deposit Insurance Fund about $5.5 million.