Today, the OTS closed Dwelling House Savings and Loan Association, headquartered in Pittsburgh, Pennsylvania, and the FDIC was named as receiver. The FDIC entered into a purchase and assumption agreement with PNC Bank, N.A., headquartered in Pittsburgh, Pennsylvania, to assume all the deposits of Dwelling House and Savings and Loan Association.
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. PNC Bank also agreed to purchase approximately $3 million of the failed bank’s assets, with the FDIC retaining the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $6.8 million. Dwelling House Savings and Loan Association is the 73rd bank to fail in the nation this year and the first in Pennsylvania.