Failed Bank Information
Information for Pulaski Savings Bank, Philadelphia, PA
- Press Release
- Acquiring Financial Institution
- Priority of Claims
- Dividend Information
- Receivership Termination
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On November 14, 2003, Pulaski Savings Bank was closed by the Pennsylvania Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. As Receiver, the FDIC is charged with winding up the business affairs of the failed financial institution. This includes the disposition of assets and liabilities of the failed financial institution and payment of dividends to approved creditors in order of priority.
The FDIC, as Receiver, has taken all necessary actions to conclude the affairs of the failed financial institution, made all dividends distributions as required by law and the receivership estate is deemed terminated.
II. Press Release
The FDIC has issued a press release about the institution's closure. If you represent a media outlet and would like information about the closure, please contact the FDIC Public Affairs Office at (202) 898-6993.
III. Acquiring Financial Institution
All insured deposit accounts were transferred to Earthstar Bank, Southampton, PA, and were available as usual during business hours at the following Earthstar office:
376 Second Street Pike
Southampton, PA 18966
IV. Priority of Claims
The dividend process is complete. In accordance with Federal law, allowed claims are paid, after administrative expenses, in the following order of priority:
- General Unsecured Creditors
- Subordinated Debt
V. Dividend Information
VI. Receivership Termination
The FDIC, as Receiver for Pulaski Savings Bank, Philadelphia, PA has taken all actions necessary to terminate the Receivership Estate.
The Receiver published a legal notice of intent to terminate the receivership in the Philadelphia Inquirer on February 15, 2005.
The Receiver has made all dividend distributions required by law.
Effective August 1, 2005, the Receivership Estate has been terminated, the Receiver was discharged, and the Receivership Estate ceased existence as a legal entity.