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PENNSYLVANIA DEPARTMENT OF BANKING ANNOUNCES BANK CLOSURES

 PENNSYLVANIA DEPARTMENT OF BANKING ANNOUNCES BANK CLOSURES
 HARRISBURG, Pa., April 17 /PRNewswire/ -- The Pennsylvania Department of Banking, in a move to protect insured depositors' monies and to allow continued service for customers, closed two privately owned and privately insured banks today. The department is working with the Federal Deposit Insurance Corporation (FDIC) throughout the weekend to reopen the banks as newly chartered banks.
 The Marian Bank, 401 Fairmount Avenue, Philadelphia, was closed on Friday at 3 p.m.
 Tobias Knoblauch Private Bank, with headquarters at 501 Washington Street, Reading, and with branches in Reading (209 Lancaster Avenue), Villanova (801 Lancaster Avenue) and Philadelphia (1633 Locust Street), was closed on Friday at 4 p.m.
 Marian Bank was insolvent, according to State Banking Secretary Sarah W. Hargrove, and was operating in an unsafe and unsound manner.
 Tobias Knoblauch Private Bank had inadequate capital and was also operating in an unsafe and unsound manner, Hargrove said.
 The Banking Department and the FDIC are working through the weekend to verify financial information at the closed banks. When reopened, the banks will have a new management team so that customers can do business at these institutions with confidence that their banks will be prudently managed in the depositors' best interests, Hargrove said.
 The Banking Department is seeking to have deposits up to $100,000 insured by the FDIC, an entity of the federal government. The new banks, when reopened, would be wholly owned by the State Workmen's Insurance Fund (SWIF). SWIF, which is authorized under law to make such an investment, would provide capital that will enable the new banks to continue to serve their local markets.
 Customers who have questions over the weekend may call the
Pennsylvania Department of Banking from 9 a.m. to 9 p.m. Toll-free telephone numbers for callers are 1-800-722-2657 (Pennsylvania callers only) or 1-800-238-2648. Other available telephone lines are 717-787-1854 and 717-787-2665.
 -0- 4/17/92
 /CONTACT: Stephanie G. Maurer, press secretary, Pennsylvania Department of Banking, 717-783-4721/ CO: Marian Bank; Tobias Knoblauch Private Bank; Pennsylvania
 Department of Banking ST: Pennsylvania IN: FIN SU:


SB -- NYON1 -- 9790 04/17/92 21:23 EDT
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Publication:PR Newswire
Date:Apr 17, 1992
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