PITTSBURGH - PNC Bank Corp. said it has assumed approximately $35 million of deposit liabilities from United Bank of Philadelphia to help that bank acquire two branches of a failed thrift from the Resolution Trust Corp.
As a result of the transaction, one Philadelphia-area office of the failed Home Unity Federal Savings and Loan, with $35 million of deposits, became a PNC Bank branch. Two others, with $65 million of deposits, opened Monday as United Bank offices. Home Unity was based in Lafayette Hills, Pa., and had $500 million of assets.
The $100 million of assumed deposits went for a premium of $7,007.
PNC is an investor in the $40 million-asset United Bank, a minority-owned institution that opened last year. The novel RTC transaction followed discussions of ways PNC could provide further assistance to United.
Nine other Home Unity offices, with $263 million of deposits, went to Sovereign Bancorp of Wyomissing, Pa., and became part of the Sovereign Bank branch network. And a $23 million office in the Fishtown section of Philadelphia went to Prime Bank, a subsidiary of Prime Bancorp.