economy

Colonial Is Officially Under, FDIC Is $2.8 Billion Poorer

by economy on 14/08/09 at 4:01 pm

First casualty: Dwelling House Savings and Loan Association, Pittsburgh, Pennsylvania, to be acquired by PNC. $13.4 million in assets and $13.8 million in deposits (did they have $0.4 million in contra assets somewhere?). FDIC PR here.

Second casualty: Dwelling House Savings and Loan Association of Pittsburg, does not pass go: FDIC appointed receiver. “Dwelling House, which had total assets of $12.9 million, was in an
unsafe and unsound condition, was critically undercapitalized and had
no reasonable prospect of recovery.” OTS PR here.

And as an observent reader points out, they are the same. Which makes one wonder how the same entity can have a $500,000 delta in assets when evaluated from two different organizations.

Third casualty:

First casualty: Dwelling House Savings and unsound condition, was critically undercapitalized and had
no reasonable prospect of Pittsburg, does not pass go: FDIC appointed receiver. “Dwelling House, which had total assets somewhere?). FDIC PR here.

Second casualty: Dwelling House Savings and Loan Association of recovery.” FDIC PR here.

Second casualty: Dwelling House