A historic Philadelphia savings institution is closing after regulators stepped in to safeguard its customers.
The Federal Deposit Insurance Corp. (FDIC) says it was appointed receiver when the Pennsylvania Department of Banking and Securities closed Tioga-Franklin Savings Bank on August 21, 2026.
The single-branch bank held $68 million in assets and $67 million in deposits as of June 30.
Second Federal Savings and Loan Association of Philadelphia assumed all deposits and substantially all assets.
The branch reopened August 24 as a Second Federal location, and all deposits remain fully FDIC-insured.
The FDIC estimates the failure will cost the Deposit Insurance Fund about $5.5 million.
The agency announced details about the transition for customers.
“Tioga-Franklin Savings Bank’s sole branch will reopen as a branch of Second Federal Savings and Loan Association of Philadelphia during its normal business hours on Monday, August 24, 2026. Depositors of Tioga-Franklin Savings Bank will automatically become depositors of Second Federal Savings and Loan Association of Philadelphia.”
The FDIC added that customers face no disruption.
“The deposits assumed by Second Federal Savings and Loan Association of Philadelphia will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship.”
Founded in 1873 as Tioga Building and Loan Association, the bank was one of roughly 22 Black-owned banks in the United States.
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