METROBANK OF PHILADELPHIA Failed 1996

What happened

METROBANK OF PHILADELPHIA of PHILADELPHIA, PA was closed on 1996-03-08. The FDIC was named receiver.

Resolution: Payout / Insured deposits — FDIC paid insured deposits directly to depositors

Deposits were transferred to JEFFERSON BANK (HAVERFORD, PA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

3506

FDIC Certificate

27525

FDIC FIN

4625

Bank name

METROBANK OF PHILADELPHIA

Location

PHILADELPHIA, PA

Failure date

1996-03-08

FDIC resolution date

1996-03-08

Charter type

National commercial bank (OCC-chartered)

Resolution type

Payout / Insured deposits — FDIC paid insured deposits directly to depositors

FDIC DIF cost (est.)

$8M

Deposits at failure

$39M

Assets at failure

$40M

Acquiring bank

JEFFERSON BANK (HAVERFORD, PA)