October 28, 2012 – 7:42 pm

NOVA Bank, Berwyn, PA,  is the 47th FDIC-insured bank to fail in the nation this year, with the payout of the insured deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $91.2 million.

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of NOVA Bank, Berwyn, Pennsylvania. The bank was closed today by the Pennsylvania Department of Banking and Securities, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of NOVA Bank. The FDIC will mail checks directly to depositors of NOVA Bank for the amount of their insured money. As a convenience to depositors, the FDIC has made arrangements with National Penn Bank to accept the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments through January 25, 2013. The seven National Penn Bank locations designated to service NOVA Bank’s customers receiving federal government direct deposit payments are as follows: One Penn Center; East Falls; Norristown; Wynnewood; Paoli; Wayne, and Lionville.

Customers with questions about today’s transaction, including those with accounts in excess of $250,000, should call the FDIC toll-free at 1-800-830-3256. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; on Monday from 8:00 a.m. to 8:00 p.m., EDT; and thereafter from 9:00 a.m. to 5:00 p.m., EDT.

If you should have ant further questions please do not hesitate to visit the FDIC web page for NOVA Bank.

 

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