The Pennsylvania Department of Banking and Securities closed the $483 million-asset NOVA Bank in Berwyn on Friday, but the Federal Deposit Insurance Corp. was unable to find a buyer for the failed bank's operations.
The failure is expected to cost the Deposit Insurance Fund $91.2 million. It is the 47th bank to fail this year.
The FDIC said it would mail checks to depositors who were covered by its $250,000 insurance limits. The bank had $432.2 million of deposits, and the FDIC said the amount of uninsured deposits will be determined once it obtains additional information.
The FDIC said in a press release that it has also made arrangements with National Penn Bank to accept the failed bank's direct deposits from the federal government, including Social Security and Veterans' benefits, through Jan. 25.
The FDIC said it would retain all the assets from NOVA Bank for later disposition.
The last time the FDIC was unable to find a buyer for a failed bank was Bank of the Eastern Shore in Cambridge, Md., which failed April 27.