Closed Friday, February 2, 2007 · Pittsburgh, Allegheny County, Pennsylvania
Metropolitan Savings Bank
The estimated loss came to 60% of Metropolitan Savings Bank's assets, one of the 30 highest ratios among the 583 failures since 2000. Its founding in 1892 put it past its 100th year when it closed. No bank in Pennsylvania had failed for three years, since Pulaski Savings Bank closed in 2003.
On the books, 1999 to 2006
Total assets were at their highest of these 29 quarters in the final report, for the third quarter of 2006. Equity capital went from 13% of assets in the third quarter of 1999 to 7.1% at the last report. The deepest annual loss, $21 thousand, was booked in 2001.* 2006: January to September only, the last report before closing.
Size against the other 2007 failures
Total assets of each 2007 failure, log scale; Metropolitan Savings Bank in red.
Metropolitan Savings Bank was the third-largest of the 3 bank failures in 2007. Within Pennsylvania it ranks 31st by size of the 67 failures recorded since 1934. Across the failures of 2007, the median estimated loss came to 23% of assets. The next-larger failure of that year was Miami Valley Bank of Lakeview, Ohio ($125 million, loss 23% of assets). Every 2007 failure in the explorer.
Failures in Pennsylvania
The next was Dwelling House Savings and Loan Association of Pittsburgh, on August 14, 2009. Allegheny County has 7 failed banks on FDIC record since 1934. Closest in time: Concord-Liberty Savings and Loan Association (1989), Vanguard Federal Savings Bank (1990), First Federal Savings and Loan Association of Pittsburgh (1991), First Home Savings Association (1992), Dwelling House Savings and Loan Association (2009).