Dwelling House Savings and Loan Association, Pittsburgh, PA

Dwelling House Savings and Loan Association, Pittsburgh, PA, became the 73rd bank closed by the FDIC in 2009 when regulators shuttered the institution today.

Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with PNC Bank, National Association, Pittsburgh, Pennsylvania, to assume all of the deposits of Dwelling House Savings and Loan Association.

The sole branch of Dwelling House Savings and Loan Association will reopen on Monday as a branch of PNC Bank, National Association. Depositors of Dwelling House Savings and Loan Association will automatically become depositors of PNC Bank, National Association. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both institutions should continue to use the existing branches until PNC Bank, National Association can fully integrate the deposit records of Dwelling House Savings and Loan Association.

Over the weekend, depositors of Dwelling House Savings and Loan Association can access their money through the normal channels. Loan customers should continue to make their payments as usual.

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. In addition to assuming all of the deposits of the failed bank, PNC Bank, National Association agreed to purchase approximately $3 million of the failed bank’s assets. The FDIC will retain the remaining assets for later disposition.

For more information, visit the official FDIC webpage for Dwelling House Savings and Loan Association.

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