Twenty-eight months after converting from a federal credit union to a thrift, IGA Federal Savings Bank is being sold to a commercial bank.

PSB Bancorp in Philadelphia announced late Thursday that it plans to buy Feasterville, Pa.-based IGA and its parent, Jade Financial Corp., for $24.1 million in cash. The deal for $215 million-asset IGA would create a $455 million-asset institution with 11 branches in Philadelphia.

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