Closed Friday, October 26, 2012 · Berwyn, Chester County, Pennsylvania
NOVA Bank
No bank took over NOVA Bank's deposits: the FDIC paid insured depositors directly. Its founding in 1887 put it past its 100th year when it closed. It reported a net loss in eight of its final nine reporting years.
On the books, 2004 to 2012
Total assets peaked at $653 million in the second quarter of 2010 and were 32% lower at the final report. Equity capital went from 7.2% of assets in the fourth quarter of 2004 to 0.5% at the last report. The deepest annual loss, $25.7 million, was booked in 2009.* 2012: January to September only, the last report before closing.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; NOVA Bank in red.
By assets it ranked seventh of the 51 failures in 2012. Within Pennsylvania it ranks ninth by size of the 67 failures recorded since 1934. Across the failures of 2012, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Inter Savings Bank, fsb D/B/A InterBank, fsb of Maple Grove, Minnesota ($464 million, loss 17% of assets); just below, Home Savings of America of Little Falls, Minnesota ($434 million, loss 9.9% of assets). Every 2012 failure in the explorer.
Failures in Pennsylvania
It was one of two banks in Pennsylvania to fail in 2012. The previous failure there was American Eagle Savings Bank of Boothwyn, on January 20, 2012. The next was Vantage Point Bank of Horsham, on February 28, 2014. Chester County has 2 failed banks on FDIC record since 1934. The other: The Bank of The Brandywine Valley (1992).