PNC to take over troubled Dwelling House

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Federal regulators said today they have closed Dwelling House Savings and Loan, and that the troubled Hill District thrift will reopen Monday under its new owner, PNC Financial Services Group.

The Federal Deposit Insurance Corp. said Dwelling House customers will be able to access their money over the weekend through normal channels. Loan customers should continue making payments as usual, the regulator said.

Customers with questions should call FDIC's toll-free hot line: 800-760-3639. Customers can call until 9 p.m. this evening, from 9 a.m. until 6 p.m. tomorrow and from noon until 6 p.m. on Sunday.

The historic thrift was spared being shut down in late June after members of the community rallied to raise the necessary capital to keep it open and four of Pittsburgh's largest charities pledged to fill the gap.

Federal regulators this week imposed civil penalties on the thrift's former president and two directors for failing to take steps to protect the institution from potential fraud after they were warned to do so five years ago.

The FDIC said Dwelling House had assets of $13.4 million and deposits of about $13.8 million as of March 31. PNC has agreed to assume all of the deposits and about $3 million of the bank's assets, FDIC said.

The FDIC, which insures bank deposits, estimates the transaction will cost its fund $6.8 million.


Len Boselovic can be reached at lboselovic@post-gazette.com or 412-263-1941.


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