|Published:||Oct 26, 2012 6:14 PM EDT|
|Updated:||Oct 27, 2012 6:31 AM EDT|
WASHINGTON (AP) - Regulators say they have closed a small bank in Pennsylvania, bringing to 47 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. on Friday seized NOVA Bank, based in Berwyn, Pa.
The bank had about $483 million in assets and $432.2 million in deposits as of June 30.
The FDIC says it was unable to find a financial institution to take over the failed bank's operations, so it will retain NOVA's assets for later disposition.
Regulators did line up National Penn Bank to accept NOVA's direct deposits from the federal government, including Social Security payments, through Jan. 25.
The failure of NOVA Bank is expected to cost the deposit insurance fund $91.2 million.
The lender is the second FDIC-insured institution in Pennsylvania to fail this year.