Closed Friday, November 14, 2003 · Philadelphia, Philadelphia County, Pennsylvania
Pulaski Savings Bank
No bank in Pennsylvania had failed for seven years, since Metrobank of Philadelphia National Association closed in 1996. Pulaski Savings Bank's founding in 1901 put it past its 100th year when it closed. It was the third-largest of the 3 bank failures in 2003.
On the books, 1995 to 2003
Total assets peaked at $11.1 million in the first quarter of 2002 and were 23% lower at the final report. Equity capital went from 8.3% of assets in the fourth quarter of 1995 to below zero at the last report. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $1.4 million, was booked in 2003 in only part of the year.* 2003: January to September only, the last report before closing.
Size against the other 2003 failures
Total assets of each 2003 failure, log scale; Pulaski Savings Bank in red.
Within Pennsylvania it ranks 36th by size of the 67 failures recorded since 1934. Across the failures of 2003, the median estimated loss came to 8.0% of assets. The next-larger failure of that year was First National Bank of Blanchardville of Blanchardville, Wisconsin ($34.5 million, loss 37% of assets). Every 2003 failure in the explorer.
Failures in Pennsylvania
The next was Metropolitan Savings Bank of Pittsburgh, on February 2, 2007. Philadelphia County has 10 failed banks on FDIC record since 1934. Closest in time: Chase Savings and Loan Association (1991), Alpha Indian Rock Savings and Loan Association (1992), Ukrainian Savings and Loan Association (1992), Meritor Savings Bank (1992), Metrobank of Philadelphia National Association (1996).